According to finance giant KPMG and other experts, the future of banking is changing. The 70,000 thoughts a day had by the average person do not usually include any thoughts about banking, unless they are perhaps looking at their retirement fund, starting a new career or home buying, which is for many, one of the most important financial situations they will be involved in.
According to KPMG, traditional banking experiences are failing to make the impact required and fall behind in customer satisfaction when members of the public are involved in the usual important financial aspects of their lives.
In a recent survey, it was discovered that at least one-fifth of consumers were unhappy with their bank’s performance when purchasing a property.
KPMG is predicting that by 2030 technology is set to completely transform the world of banking. This new way of working will enable customers to experience a more connected way of communicating via personal assistants, such as their prototype EVA, an ‘Enlightened Virtual Assistant’.
“KPMG is predicting that by 2030 technology is set to completely transform the world of banking.”
According to other experts, The banking industry has heavily invested in its customer experience over the last decade, with the rise in new innovative technology.
Telephone banking was one of the first ways customers enjoyed more convenience when banking, then of internet banking and more recently, the rise in banks adopting apps for ease of customer experience has increased.
This new era has also ushered in AI technology, which will continually evolve and upgrade customer’s experience with their banks. This kind of technology will give an important advantage to customers, virtual customer service agents will be available at any point the customer wishes to connect, which will literally be all day, every day.
Customers will be able to communicate either via email, telephone or via live messaging. Both customer and financial institute are set to benefit as any low-level requests, such as any password issues or even making a money transfer globally, will result in time and cost savings for the bank in terms of employment of real live agents, and the convenience the customer will experience, in not having to queue or visit a bank during their working day.
“Virtual customer service agents will be available at any point the customer wishes to connect, which will literally be all day, every day.”
Another major advantage for banks in adopting virtual assistant technologies is that they are able to work constantly without the need for breaks and without becoming tired, unlike their human counterparts.
The more recent population cohort entering the world as young adults, such as Generation Z and millennials, this kind of ‘round the clock’ availability sits perfectly with the way they live their lives. Many of them becoming young digital entrepreneurs, and working more globally.
This kind of immediate connection with their banks means they are able to manage their finances at any time and as more and more financial institutes and banks integrate AI into their business platforms, the ones who aren’t keeping up to speed, could leave themselves open to an unpredictable future.
Disclaimer: The author of this text, Robin Trehan, has an Undergraduate degree in economics, Masters in international business and finance and MBA in electronic business. Trehan is Senior VP at Deltec International www.deltecbank.com. The views, thoughts, and opinions expressed in this text are solely the views of the author, and not necessarily reflecting the views of Deltec International Group, its subsidiaries and/or employees.
About Deltec Bank
Headquartered in The Bahamas, Deltec is an independent financial services group that delivers bespoke solutions to meet clients’ unique needs. The Deltec group of companies includes Deltec Bank & Trust Limited, Deltec Fund Services Limited, and Deltec Investment Advisers Limited, Deltec Securities Ltd. and Long Cay Captive Management.
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