The Connected Consumers: Shaping the Future of Banking

Banks will be invisible in the future

The connected consumers are moving quickly and to stay relevant, banks now have the pressing needs to adapt to the mobile-first customers and provide a new level of seamless, hassle-free and ubiquitous banking experience along the customer journey.

By 2030, 80% of traditional financial firms will cease to exist, traditional banks who have yet to adapt will be left behind. Digital disruptors are forcing banks to accelerate transformation. How will disruptive technologies transform the banking landscape?

Moving into a new era of smart banking

Banking will be more digitally intertwined in the lives of consumers than ever before. With the advent of smart banking opening a new world of possibilities for customers, banks are increasingly leveraging digital technologies including artificial intelligence (AI), big data analytics, blockchain, chatbots and open APIs, to put customers at the centre of their innovation strategies, create personalised banking experiences and gather keener customer insights for upselling opportunities.

Banks are transforming from traditional branch based servicing to end-to-end digital offerings, through mobile banking, electronic Know-Your-Customer (e-KYC), all-in-one digital wallet, Faster Payment System, virtual assistants and many more. This enables customers to access banking services anytime, anywhere, and in real-time without the need to be physically present in the bank.

Embracing platform-based banking and digital ecosystems

With the expanding business market and financial transactions spanning its global presence, the future of cross-border payments will be performed in a matter of seconds just like doing it locally. Powered by SWIFT global payment innovation, the unique platform can track the sending and receiving of funds anywhere in the world real-time with full transparency and security.

Banks of the future should adopt open banking strategy by seamlessly integrating banking services to every aspect of consumer’s life. Focused on building a services ecosystem of API-based innovations that are fully connected, banks are shifting to build a holistic digital platform, with customers at its core, in enhancing customer experience and delivering a more personalised and highly contextual banking experience.

Empowering the future of banking

As the trusted digital transformation partner, PCCW Solutions bridges evolving consumer needs and dynamic market demands with our innovative technologies and industry expertise. Our experienced teams assist financial regulators, traditional banks and virtual banks to capitalise on the confluence of digital technologies to revolutionise customer experience, enhance service offerings with open APIs integration and digital ecosystems.

Are you ready to embark on your digital transformation journey? Take a glimpse into the future of banking.