Agile, fast, interactive, here is the bank of the next generation

Fast on the operational front and willing to continually evolve, focused on the information assets of the data, capable of exploring and allowing itself to be contaminated. These are the characteristics of new generation bank that emerge from Abi Lab Report 2024, which outlines the changes already underway in the sector and those necessary to maintain high competitiveness in a scenario of growing competition from new operators. “Being passionate about customer satisfaction, studying their behaviour, accompanying them in the customer journey at all points of contact, making the experience of using banking services increasingly attractive, remaining at their side”. It is the first recommendation of the document, in the awareness that in recent years there has been a proliferation of communication channels between operators and customers and this makes the ability to integrate every effort within an organic strategy anything but simple. Investing in relationship channels it allows banks to always be competitive and ensure a customer experience that meets expectations, recall Abi Lab analysts.

The digital onboarding, i.e. the process that leads from the first contact with the saver to the subscription of a product or service in digital mode with a new bank, is one of the areas on which efforts have been concentrated most in recent years both at a planning level , and investments. Precisely because everyone (or almost everyone) is going in the same direction, the ability to provide assistance during the customer journey can make the difference. THE contact center of institutions are increasingly automated and, if on the one hand this can guarantee enormous cost savings, on the other it is also true that the degree of evolution of theartificial intelligence it is not yet such as to guarantee in all cases the level of empathy and closeness expected by savers.

For a long time, efficiency and risk reduction have represented the main mantra for directing the bank’s operational activities, aiming to make them increasingly productive with the same quality provided. Today we need to go further. This is why banking operations are developing as a value center and working to promote increasing interaction with the business. When we talk about value creation, data is called into question, or rather the ability to analyze it better than in the past (thanks to the rapid evolution of technology), in order to make it the basis for transforming knowledge into value.

There ability to analyze information assets that passes through the bank is essential for exploring new frontiers, in search of innovative solutions that allow it to differentiate itself from competitors. In this regard, analysts point out that on the one hand the desire to relational experiences engaging, tailored and easy to access, on the other hand technological innovation is significantly transforming human and social interaction, as well as the use of digital services. These factors are pushing banks to rethink the ways in which the user engagement experience is created, also by leveraging the most cutting-edge technologies. In particular, many institutes are turning their attention to the paradigm ofimmersive experience which aims to offer the customer new experiences of interaction with the bank by immersing him in a digitalised or full digital physical environment that stimulates his senses, activating a perceptive state close to reality. This allows for example to “extend” the surrounding reality (augmented reality), to create a completely digital world (virtual reality) or to develop a network composed of collaborative virtual worlds in which to interact (metaverse). In essence, technologies that promote greater “humanization” of the digital experience that the user of a banking service experiences.

So far the recipes for remaining competitive and the paths suggested by the experts, but it is also true that most digital transformation projects failas revealed by an analysis of McKinsey. Generally it is not a question of budget, given that banks are top spenders in technology, but above all of underestimating the complexities. “These struggle to accurately quantify and monitor the impact of their digital strategy and establish a clear link between specific initiatives and revenue and profit growth.”

The chances of success increase where a large part of the transformation process is managed by internal resources. “Therefore you need to refine your value proposition for tech talent, for example by providing incentives and work environments that rival those of fintechs,” adds the paper. It then notes the importance of close collaboration and coordination between resources “In reality, many banks continue to operate in traditional functional or corporate silos, which leads to conflicting or misaligned priorities.” banks to make the most of them.