The pandemic became a powerful accelerator for banking trends, especially the ones focused on digital transformation in this sector.
As a result, processes that would have taken years to develop and implement have been carried out in a few months and at lightning speed.
In addition, the development of digital assets or the need to develop regulatory frameworks for emerging models pose a completely new horizon for the digital transition. The banking sector’s main objective is to continue its digitisation.
Among its main challenges in pursuing these banking trends are:
- The digitisation of service delivery channels.
- The creation of new products.
- A change in customer profiles: customers are now more connected and demanding.
- The emergence of new players such as FinTech.
New products, applications and processes are constantly emerging with which to continue innovating in banking. Let’s take a look at the banking trends that, driven by technological advances and customer needs, will prevail in the financial sector in 2023.
Top 4 banking trends for 2023
These are the main trends facing the banking sector in 2023:
Digital banking and personalised solutions
Digital banking is becoming a fundamental part of the banking experience and is expected to continue to grow in 2023. Online banking services allow customers to transact and access information about their finances at any time and more efficiently.
However, the banking sector needs to continue to modernise in order to compete with new players such as FinTech, neo-banks and large technology companies that already cover some niches of the financial business.
Boosting its digital transformation is of paramount importance to leverage its large customer bases and to be able to offer personalised digital solutions.
The next horizon for the banking sector is to tailor its offering to the needs of each customer.
Thanks to efficient data management and storage, banks can identify, filter and segment information, as well as optimise the services offered to their customers, offering personalised responses, depending on each type of customer. This is why personalisation of experiences is critical to maintaining customer satisfaction levels.
Open banking
Open banking is another banking trend that is a growing business model and refers to the opening up of banking systems to third parties, allowing customers to access financial services from different providers through their banks.
This can include the comparison of financial products and services, access to different investment options and the possibility of automating the management of personal finances.
In other words, this is a change in the way banking traditionally works.
With this practice, and with prior authorisation, banks can securely share customer information with both other banks and third parties, with the aim of offering personalised solutions in accordance with each customer’s needs.
This is undoubtedly a beneficial practice for both banks and their customers, as it increases competition in the banking sector and improves service. In addition to all this, an optimal customer experience is also achieved.
Increased security
With the increasing use of digital banking, security has become an increasingly important issue to protect customer data and prevent fraud.
Banks are investing in security technologies and staff training to ensure the security of online data and transactions.
In relation to new banking trends, new technologies are revolutionising security in the financial sector and biometrics is one of the most talked about technologies. It is expected to become one of the main means of payment in the coming years. But it will also serve as a secure validation method for financial transactions.
Sustainability and Social Responsibility
Sustainability and social responsibility is another banking trend that is gaining importance in the banking sector.
Banks are increasingly committed to the financing of sustainable projects and transparency in the management of resources, with the aim of contributing to the sustainable and responsible development of society.
Users are choosing to join brands that demonstrate their commitment to caring for the environment, and the banking sector has also begun to carry out different initiatives.
In this way, they promote greater environmental awareness among users and encourage sustainable behaviour.
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