Digital Banking in 2012

In Backbase’s most recent webinar, “Digital Banking in 2012“, we gave our outlook as well as ideas about what trends will dominate the financial industry this year. In terms of outlook, we saw Bank 2.0 and its ethos finally gain traction in 2011 and we believe it will continue to add momentum in 2012. The idea that customer behavior must be combined with the newest technologies and that this will significantly impact the industry is now undisputed.

Certain companies (Amazon, Apple, Simple) have raised the bar when it comes to offering customers a seamless online journey. Technology has also advanced significantly in the last year and now facilitates a profusion of consumer-oriented applications. All of this leads us to predict the top four trends for this year will be: Self-directed customers, better User Experience (UX), mobile banking, and more personal and relevant banking interactions.

Accenture has been tracking customer behavior for several years and was already seeing the beginning of a behavioral shift due to social networks and computer and cell phone usage back in 2009. In its most recent survey on global customer behavior it saw a distinct increase in customers seeking direct self-service, more personal interactions, and more discounts online. All of this fits with our expected trends for 2012.

In order to offer this kind of service we expect banks will improve UX and incorporate microsites as a way to interact on a more personal level with customers while also making their interface compatible for mobile banking initiatives, which is another of our expected trends. Higher demand for mobile applications will inform the UX of banking sites like never before. Simplicity will reign. Further, making applications more personally relevant will mean more segmentation and customization by the banks.

Watch the webinar for more on our trend predictions as well as the great questions from participants (along with our answers).

Digital Banking in 2012

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