Banking business is in rapid change in next years. New agile players are gaining ground in digital banking business without expensive branch office network. The biggest issues in banking business at next years are:
1. New agile players are gaining ground in banking business
New players like Simple, iZettle, Kickstarter, Transferwise, Paypal, Bitcoin, Pivo and Holvi are gaining ground with lower cost structure without old physical branch office network. These agile players mixes bank services, invoicing, payments, yellow pages services and all together in new entertaining way with low fees. It`s interesting to see which these agile companies has real business cases and working revenue model.
2. Usability makes difference
Basic banking services are similar in different banks: bank account data is a bank account data in every bank. In new digital world you must differentiate from your competitors with digital services and world-class user experience. If the digital service usability and quality is poor, it`s easy to get your bank account service from other else service provider.
3. Meetings between customer and bank are moving to virtual
Who wants to go branch office anymore? In the future increasing number of loan negotiations will be arranged on web. Most of people has a computer with virtual meeting devices. For example Danske Bank`s ambitious target is that over half of traditional loan negotiations are gone kept as online meetings at year 2014.
For example Car Rental company Hertz has interesting new concept. Customers are using video kiosks to do their transactions like car rental, paying and receiving car keys.
The same can be done in banking business. You can put soundproof video kiosk to lounge of convenience store. One bank officer of call center can handle online customer meeting needs for several small localities without local branch office.
4. Terminals and channels of bank customers have increased exponentially
Users want use their bank services with much wider range of devices than before. Channels can be tablets, mobile phones, smart-tv, Google glasses and even smart watches in addition to old way like web browser, call center service and branch office visits. That requires better service design, technology management and usability thinking.
5. sCommerce changes the rules
sCommerce (Social Commerce) is a subset of electronic commerce that involves using social media, online media that supports social interaction and user contributions to assist in the online buying and selling of products and services.
People think that you can´t manage social media discussions but there is ways how to steer bank service discussions to desired direction with official commentators and unofficial pseudo persons. Nowdays there is new consulting companies with services which can do this in behalf of banks.