Top 4 Emerging Banking trends in 2022: What’s in it for you?

The current landscape of the banking sector reflects some core changes that are acutely driven by digital transformation. Anytime, anywhere banking is no longer a future vision; in fact, it is happening right now! Customers are indulging in ibanking from their mobile devices on-the-go and expect seamless services in return. Features such as interbanking, which involves the transfer of funds between banks, can also be done through mobile banking now. 

The digitalisation of the banking space has opened a world of possibilities. Here is a quick round-up of emerging banking trends in 2022 and what these would entail for customers. 

Mobile Banking
 

One of the first mentions in the new-age seamless banking experience has to be mobile banking services. Thanks to mobile banking, customers can access their accounts, check the balance, make payments, and invest in mutual funds. A survey by YouGov revealed that 61% of Gen X, Millennials, and Gen Z would prefer moving to a fully digital bank to take advantage of features that promote anytime, anywhere banking.

Artificial Intelligence
 

In an era that aims to provide high-tech services to customers, technologies such as AI are proving to be a boon to banking platforms. Customer queries are being increasingly outsourced to AI-enabled chatbots that dive into different data sets to find exact answers to the questions asked. If the questions are too complex, the queries are immediately escalated to an operator who assists the customer. According to a Gartner research report, 70% of customer interactions will be handled by chatbots, machine learning apps, and mobile messaging in the near future. 

Better customer support
 

Analytics and big data are a big part of banking operations today and are used by banking professionals in personalising interactions with customers. With open banking API integration coupled with analytics, banks gain a better view of a client’s financial health, which they can use to offer personalised products and proactive financial advice. A seamless banking experience in 2022 will involve banks going beyond their traditional services and providing hyper-personalised recommendations.

Improved user interface
 

The banking sector is giving great importance to providing customer-centric services in 2022. One important way of achieving this is by improving the user interface of the different banking platforms that customers interact with. As the first generation that has never known a life without the ubiquitous smartphone, Gen Zers prefer ibanking or banking through digital platforms rather than face-to-face interaction.

Conclusion
 

Today, traditional practices such as going to a bank branch, filling out documents, taking print copies, and signing them seem redundant. If banks want to stay competitive, they have to digitalise their processes and provide an enhanced user experience. Customers can expect an easier banking experience overall that saves them time, is convenient, and offers safety in terms of data privacy.  For example, IDFC FIRST Bank offers an easy, customer-centric banking experience via its intuitive mobile banking app - personalizing interactions and taking the customer experience to higher grounds, especially on mobile banking platforms through user enhancements.

The digital transformation of the banking industry is paving the way for a seamless user experience, encouraging banks to ensure that they remain a step ahead in providing exactly that to their customers through different technologies.

Disclaimer

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