ALL TERRAIN BANKING COMES OF AGE
NEW CHALLENGES
NEW OPPORTUNITIES
The challenge here comes from the need to innovate
at an increasing speed, combined with the necessity to
simultaneously ensure all financial products released
are completely secure. Finding ways to do this will
be crucial, as established financial providers need to
innovate in the mobile and wearable space to ensure
start-ups focused on building services for these devices
don’t gain a competitive advantage.
The opportunity is for financial services brands
to feed consumers’ appetite for experimentation
with innovative all-terrain services. In a historically
uniform category, consumers are increasingly
using new platforms as a point of differentiation
between financial providers, driving both loyalty
and competitor consideration. The ones that get this
right can reap high rewards; the better the all-terrain
services offered, the more customers will use the
provider’s services and the deeper the relationship
will become.
There is scope to innovate for both mobile and
wearable devices. Brands need to keep thinking
about new ways to engage customers on mobile
platforms, beyond basic banking – from using data
analytics to optimise and personalise the mobile
banking experience, to developing apps for emerging
wearable platforms.
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PR E S E N T A N D P O T E NTIA L F UTURE S IN F IN A N CIA L SE RVICES