The customer experience is king; that’s no surprise. The past few years have represented a drastic leap forward in the digitalization of financial services, and this advancement has put stiff pressure on banks to evolve. But with the proliferation of embedded financial services in a variety of industries, consumers are no longer comparing one bank’s experience to the next bank’s experience – they’re comparing it to the wider market, including tech giants like Amazon and Walmart, and fintechs such as Venmo, PayPal and Robinhood.
These companies have invested heavily into building a frictionless customer experience, raising the bar for all financial services providers. Put simply: there’s a new standard for customer experience, and you’ll have to prioritize digital transformation to compete. It all starts with creating a solid business case for a digital transformation. Read on to visualize the system architecture for your next-gen digital banking experience. You’ll also learn the must-haves for optimal digital banking experiences and why data is the key to continual transformation.