Amazon and PSD2 will revolutionize financial institutions' customer engagement
Perfecting the user experience will be an important driver going forward, as a seamless, secure and hassle-free experience will build digital trust worth its weight in gold in terms of driving customer engagement and loyalty.
There are many ways in which institutions will try to meet those expectations. We’ll see financial institutions take a definitive step toward the Amazon model and use analytics to customize the experience for consumers, and, on the other side of the same coin, enable consumers to customize their experience themselves.
There will be a push toward a more seamless experience and significant advances in open banking via APIs, a partial result of the PSD2 standards in Europe. We’re also seeing partnerships forming between financial institutions and fintechs to allow for those customized relationships in banking, payments and lending.
This will push a variety of innovations, such as voice banking, facial recognition and other biometric capabilities, for example.
This will help make the digital experience more compelling and intuitive. People expect the in-person experience to be an extension of their online and mobile interactions, and vice versa. And they expect their financial institution to earn their trust at every touch point.