“In addition to gaining insights, banks could transform customer experience and improve operational efficiency. However, the challenge will be how quickly banks can implement these new technologies as banks continue to face legacy issues with their existing IT setup. This would require a C-suite-led impetus to embrace new technologies.”
The trends identified in Technology Vision 2017 are:
*AI Is the New UI (Experience Above All)
*Ecosystem Power Plays (Beyond Platforms)
*Workforce Marketplace (Invent Your Future)
*Design for Humans (Inspire New Behaviors)
*The Unchartered (Invent New Industries, Set New Standards)
The “Design for Humans” trend indicates that the key to increasing the quality of customer experience lies in the ability to adapt to unique customer behaviours. While human contact is diminishing in terms of volume, the quality and importance of human touch points will increase.
34 per cent of the bankers surveyed globally and almost similar number in India (33 per cent) said they plan to use a detailed understanding of human behaviour to guide new customer experiences. And while nearly nine in 10 bankers (89 percent) said they believe that their customers are satisfied with their bank’s use of personalization, 67 per cent globally and in India claim they struggle to understand their customers’ needs and goals.
Banks are increasing integrating their core functions with digital ecosystem platforms in an effort to manage more broad-based consumer relationships.
Nearly all bankers surveyed (98 percent) said they believe that it is ‘somewhat’ or ‘very’ critical to adopt a platform-based business model and engage in ecosystems with digital partners, with one-quarter (25 percent) of global respondents and 40 percent of India respondents saying their organizations are already taking aggressive steps to participate in ecosystems.
Accenture’s Technology Vision is developed annually by the Accenture Labs. For the 2017 report, the research process included gathering input from the Technology Vision External Advisory Board.
Alongside, Accenture Research conducted a global online survey of more than 5,400 business and IT executives across 31 countries and 16 industries to capture insights into the adoption of emerging technologies. The banking industry report is based on responses from 579 respondents at banks in 31 countries.
News Source - The Economic Times