How to ride the trend wave in personal banking

Boosted by the global context and in an increasingly strong way, consumer expectations are based on concepts such as "I want it fast" and "I want it for me”.

Financial services do not escape this desire: users expect financial institutions to act as "enablers" and provide them with personalized, hassle-free experiences. In that sense, the digital banking transformation has personal banking as one of its highest standards.

We know that the COVID-19 pandemic accelerated the mobile-only trend in all industries, as well as the search for closer and more agile assistance. For this reason, and with mobile channel as the main ally, banks must be disruptive and offer customers what they demand: experiences similar to those offered by their favorite apps. The personalization of messages to deliver greater value and the automation of all processes becomes crucial.

The banking app for the future

Thus, trends in personal banking have the user as the center of their actions: the focus on "the app of the future" is to satisfy the specific needs and concerns of each customer, through digital banking technology and services made to measure for each person. It is no longer about “the bank's app”, but about the “customer's app”. And deep knowledge of customers is achieved by means of artificial intelligence (AI) and more specifically machine learning, the best technological ally of banks in their digital transformation.

AI and machine learning make it possible to develop new products and meet needs in near real time to improve customer experience. In fact, they enable frictionless interaction with omnichannel banking and help companies to be closer to their customers. How? On one hand, maximizing personalized and scale marketing strategies, and, on the other, promoting the concepts of open bank and banking as a service. We are talking about a paradigm shift in which transactional banking gives way to relational banking.

Based on insights related to user behavior, the concepts of open bank and banking as a service are based on the integration of online financial services. In turn, that data allows the bank and other companies to offer customers new products and services in a secure manner. In this way, the various players can attend and be present at key moments in the lives of their customers through relevant alliances: bringing the user closer, for example, to promotions for next Mother's Day or advance sales of tickets for the premiere of a play.

Likewise, the personalized app learns from user behavior patterns and adapts to the changing needs of each client. The platform has the ability to audit potential habit changes (if it checks currency values in the early hours of the morning or if it validates movements at night) and present the information in a more appropriate way for each user.

41% of consumers say they feel comfortable sharing their bank account information online with third parties

Source: Accenture

Customer Engagement

This true digital disruption is not only accompanied by personalized services and products, but also by greater engagement on the part of customers. Because, in addition to receiving information specifically designed for them without friction, users have the advantage of accessing all their financial history in an agile way. Account balances, available credits, service expirations, payment history, collections, fixed terms, transfers, automatic debits: all available quickly and flexibly on the same platform, with options such as quick pay and one-touch transfers.

It is clear that joining these trends in personal banking and adopting a 100% digital and collaborative business model is the best way to face the future. Focus on the user is finally what makes the difference and what allows us to continue learning based on the interests of our consumers every day. This is a unique opportunity to offer exceptional experiences and continue to grow.