The financial services industry is feeling the impact of the digital revolution. Maintaining growth and profitability is an enormous challenge for banks as they need to keep tinkering with the customer experience, not only to provide financial services for their customers, but also to stay more relevant in customer’s lives and keep their attention.
Challenges in the digital age
As banks move into the third digital revolution and as the lines are blurred even further as we enter the fourth industrial revolution, customer experience is transforming. Banks are faced with the following challenges:
Growth and profits: This is the number one challenge – banks need to keep their customers and current profits, but also offer new products and services.
Customer experience: Digitally enabled, the customer experience has been transformed. Customers are now valued clients who engage with banks on a level above transactions. Banks are an extension into other areas of their lives, and so the relationship needs to broaden and deepen.
Compliance: The rapid change and broad impact of the digital revolution means that banks, legislators, and regulators are being challenged to an unprecedented degree, and for the most part, can’t cope.
Fraud and cyber security: No longer a “behind the data center firewall” issue, diligent focus is required to develop a cyber security ecosystem.
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