Met Certos
15 Nov 2021 - 21:14:11
39 Posts
The business model of financial services, primarily banking will undergo a major shift soon. The next big thing would be 'Contextual Banking' supported by technology (Blockchain, Open API, Social Mining, fintech startups), government and finance/risk professionals (innovating new regulatory models), marketers (creating new digital experiences) and data scientists (mining customer behaviours)

Contextual banking will radically change the way banking is done now. It’s an evolving model, where financial products and services come to you at the place and time of need—and where you will not be asked to go out of your way to financially enable your life goals. This would be a fundamental shift. Banking will become life enablers where services are delivered in a contextual and embedded fashion across a variety of channels consistently. Banks create digital customer experiences based on your context with the help of data and technology while risk experts will ensure that these transactions are smooth, pro-regulatory and secure.

Technologists, Data Miners, Digital Experience Experts and Risk professionals will be architecting our future banks

An example scenario to quote - You'll get up in the morning, where an Amazon Echo (call centre will be dead by then) - a small speaker-look-like-device at your coffee table - will be conversing with you upon authentication about your financial goals, stock market investments, international remittances, peer-to-peer payments, payment reminders, delivering e-tickets for your metro based on traffic conditions. You will not require personalized relationship managers, contact centres or branches to manage your finances

Another parallel trend would be every retailer will become bankers. Considering the fast and furious Fintech scene now, you do not need a 'Bank' to do basic banking services. Every retail outlets will act as a bank and selling banking services. Fintech companies are already doing great work at debt funding platforms, equity trading mechanisms and payment processing hubs, and we can see fast adoption and acceptance of this new way of banking services

This means a completely new engagement model is emerging, driven by change in technology, customer expectations and a competitive landscape. Few key drivers that will contribute to this change follows

Bill Memerik
15 Nov 2021 - 21:17:40
40 Posts
The financial space is changing dramatically in all areas such as regulation, technology, compliance, demographics, changing customer expectations, growing millions, and competition from fintech. As many clients have become increasingly frustrated and confused by their banking experience, it is therefore imperative to keep an eye on the financial services industry news on Financial Services with shoppok . At the same time, they are increasingly accustomed to buying financial services through their favorite social network or retail provider.

26 Jun 2022 - 16:59:17
1 Posts
Nearly every industry is going through change and disruption right now. Many of the sectors are in a transition phase as providers lose their competitive edge and new players enter the game. Also you can check for the interesting ways about the loans. The financial services industry is no different, but it's undergoing a phase of innovation and transformation that is impacting the way firms operate across a range of industries.

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