Feb 23, 2021
What are the "hot topics" in terms of trends and technology? And what solutions are banks looking for to grow through digital innovation?
CREALOGIX conducted a survey with the retail banking community*.
Generally, the banks' responses centred around three main topics:
What do retail banks regard as important
Simplifying the customer journey
For mobile-first solutions, the banks surveyed said their emphasis is on simplifying the customer journey, with a focus on app development, rather than full-blown e-banking. They said that mobile-first has the advantage of reaching key target groups, particularly the younger generation who always carry their smartphones with them.
This approach aims to ensure a positive user experience and new features can be implemented, such as split bills, cardless ATM withdrawals or QR code bills and payments. In addition, banks said they can use new touchpoints/channels, such as conversational banking/AI.
Addressing different expectations
In terms of UX/UI, mobile users have very different expectations compared with desktop users. Frequently used functions should therefore be easily accessible on mobile devices, e.g. to make a quick transfer on the train. This can reduce barriers, as banking does not have to be done only at home on a laptop/desktop.
The challenge is to simplify usage, make it more intuitive and reduce redundancy of steps to perform tasks.
Adapting desktop to mobile can be difficult and often impacts UX drastically. The reality is that today's users become accustomed to easy and seamless UX concepts from major digital retailers like Amazon, but also increasingly neobanks such as Revolut and N26. So, banks have the need to stay "modern" and focus on continuously improving the customer experience via excellent user journeys.
Instant payment functionality
Instant payments is already available through different payment methods (e.g. credit card networks) as well as regional/national solutions (e.g. Twint) which offer such functionality. While this clearly provides added value for customers, some banks cannot provide instant payment functionality today and many others were not able to integrate it smoothly.
Take action now
At CREALOGIX, we work with retail banks every day to leverage the value of ecosystems, accelerate innovation and personalise customer experience. We’re ready to help address the key "hot topics" cited in the survey – are you?
For more information read our article CREALOGIX survey uncovers the reasons why millennials rely on mobile banking.
(*Retail banks in Switzerland)
Our innovative technology and unrivalled expertise combine to fast-track digital banking and wealth management customer engagement.
CREALOGIX works with leading global banks and wealth management firms, empowering them to provide a modern self-service user experience to their end customers, and more easily integrate differentiating fintech features. The ability to accelerate innovation with secure and well-designed solutions helps financial brands improve efficiencies, increase customer satisfaction, and attract new growth through digital channels. As a pure-play digital banking engagement platform developer, CREALOGIX has over 25 years’ experience focusing on delivering proven customer-centric systems to hundreds of the world’s leading financial institutions.
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