Digital technology is dramatically changing how banks interact with their customers. In just a few years, the financial services industry has evolved from traditional brick-and-mortar operations to online bill payment and deposits to the emerging world of mobile banking.
Two trends enabled by digital technology are at the heart of this transformation. One is the growing incursion of new, non-bank players into the industry. With digital banking, you don’t need a giant vault to offer financial services.
The second trend is the emergence of customer experience as a central consideration for banks as they create and execute their competitive strategies. Customers now evaluate their banking experience in the context of their interactions and relationships with retailers, travel companies and other service providers. They want digital banking to be as easy and seamless as ordering an item online or booking a flight with a mobile app.
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