Finance Monthly December 2019 Edition

42 www.finance-monthly.com FINANCIAL INNOVATION & FINTECH - AMAZON, NETFLIX... BANKING Mobile-first consumers So far, most banks worldwide have handled the mobile era in cashback the same way, simply shrinking down traditional bank accounts and putting them on a smartphone screen without offering real innovation or engagement. But simply pouring millions into innovation hubs and piecemeal digitisation strategies isn’t going to deliver the kind of results that will win over those tempted by the challenger banks. Traditional banks need to shift gears and use the valuable information they already have to provide customers with seamless interactions across different channels. At the same time, banks need to understand that the digital banking revolution is more than a mobile app. It’s about creating an entire experience. The implications of failing to facilitate a seamless cross-channel customer experience – one that lives up to growing customer expectations – is huge. Today, consumers have more choice than ever before, thanks to the rise of FinTech start-ups and digital-only banks, and if they do not get the level of service they’ve come to expect, they will not hesitate to take their business elsewhere. To keep up with customers’ demands banks need innovative business models that revolutionise the marketing, delivery and consumption of financial services while also delivering differentiation, competitive advantage and significant growth. It is forecasted that mobile banking is set to be more popular than visiting a high street bank branch within two years. And as the banking industry continues its digital journey, Mark Grainger, VP Europe at Engage Hub, says consumers are coming to expect more control over their data, greater convenience, and “anytime, anywhere” accessibility. AMAZON, NETFLIX… BANKING WOULD A SUBSCRIPTION-BASED MODEL FEND OFF CHALLENGER BANKS? Mark Grainger VP Europe - Engage Hub