Covid-19 has adversely affected the retail banking operations. Several banks have limited their branch presence temporarily during the pandemic. The growing consumer expectations have forced banks to adopt digital banking solutions and embrace new technology for business continuity and growth.
It is expected that, in the post-pandemic era, the shift from transactional to experience banking will continue and will have the same transformative impact for banks that experiential retail has for high-street retailers. However, due to which Legacy brands that invest extensively in their digital capabilities will have a competitive advantage. Banks that continue to spend in redesigning their branch network, on the other hand, will preserve their most significant competitive edge against digital adversaries — human connection. Meanwhile, in retail banking , intelligent voice assistants who are working with live operators can improve client relation. As well as more loyal customers can be won by delivering better-tailored services via digital channels.
Technologies such as Robotic process automation (RPA) helps in enhancing bot intelligence and can be used to know your customer (KYC) processes to speed up customer identification, verification, and data analysis. In addition, Conversational AI may make customer interactions more engaging and participative. Similarly, blockchains which are being tested and deployed in ID fraud detection, like the construction of digital identity networks can boost efficiency by reducing the risk of financial fraud, and increasing responsiveness to performance and scheduling requirements.
The technology advancements in this arena are opening up a universe of new possibilities for retail banking solution providers. To assist businesses navigate the best-of-breed retail banking solution providers, Banking CIO Outlook presents "Top 10 Retail Banking Solution Providers - 2021." The firms featured in this edition provide retail banking solutions that improve energy distribution networks' efficiency, reliability, and sustainability. In addition, the magazine includes insights from industry thought leaders about the latest trends, best practices, current innovations, and insights for aspiring CIOs.
