Welcome to the Robert Clegg blog. Rob Clegg is passionate about empowering peopleto acquire the digital skills they need to take advantage of the digital economy is a business founder and consultant. In today’s blog, Rob shares about banking trends to watch. Let’s get started!
The recent trend toward digital first banking represents a major shift in thinking. Traditionally, institutions have operated in silos, creating complexities and additional expense in the back office and inconsistent, frustrating customer experiences. Legacy technology impedes institutions ability to quickly innovate, making it difficult to keep up with new competitors. Now, technology has the power to “de-channel” disparate systems within an institution. As the race for deposits and new account relationships intensifies, the customer or member experience will supersede channel supremacy.
Next year, more institutions will simplify and streamline channels by leveraging tools such as API layers to connect customer and member profiles, ultimately reducing costs and enabling a more comprehensive, consistent banking experience. Such an approach allows banks and credit unions to seamlessly unify the digital and physical experiences, providing a personalized, intuitive experience regardless of touchpoint.
In 2020 and beyond, it will be critical for banks and credit unions to reevaluate their digital strategies, including their approach to channels. They’ll need to prioritize, modernize and enhance the customer and member experience if they want to maintain relevance. Such efforts will help institutions vie for deposits and compete against not only the bank or credit union down the street, but emerging disruptors as well.
Watch Rob Clegg’s video below about biometrics as the next frontier of mobile payments.
About Rob Clegg
Rob Clegg brings a real life experience and look for the right business approach for you. Rob works with you, using tried and tested methods developed from years of hands-on experience to deliver efficient and consistent results. Learn more about Rob Clegg here. Check out Rob Clegg‘s full range of work including financial and working capital, technology, operations and leadership, people and culture on his page here.