Hang on—Big Tech is Remaking Banking

They have been saying for years that technology is fundamentally changing banking—but now they really mean it.

“They” of course are the analysts, poll takers, and corporate observers whose job it is to chart the trends shaping the financial services arena. Just within the past few months many have come out with prognostications, both general and specific, to which banking leaders ought to pay attention.

In the interest of “making sense of it all,” here are nuggets from said prognostications.

Banks and other financial institutions are increasingly embracing tech to help meet, and exceed, customer and member expectations. And these innovative new solutions go beyond the obvious – mobile banking and payments – and include branch and call and contact center reconfiguration, biometrics, and the expanded use of analytics, to name a few examples. These areas offer ways for FIs to expand outreach and engagement with banking customers, increase account retention and customer loyalty, and help enable the building of long-term relationships with them.

Overview by Ed O’Brien, Driector Banking Channels Advisory Service at Mercator Advisory Group

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