The digital age requires a new way of operating and thinking from the financial industry. And, this is not possible without innovation in banking services. We could define bank innovation as using new technology and service processes to provide solutions that better serve customer and business requirements, meet their needs (often unarticulated) and move the market to the next level of development.
Today, we hear a lot about digital banking innovation, because digital technology transforms the way that banks operate. Banking digitization leads to the closing of bank branches, focusing instead on online channels: mobile banking, wearable banking, desktop banking and, in the near future, conversational and virtual and augmented reality banking. In general, Fintech innovation is the only way to move banking into the future.
The main question is how to best provide innovation in banking services. It is not enough to buy or develop innovative banking solutions for long-term success because the digital age requires not just new technology, but innovative banking ideas that will help banks to meet customer needs. This is what banks can learn from innovative Fintech products in the banking sector.
In other words, in the digital age, financial innovations start with the users, not technology.
Check out the best UXDA articles about bank innovation.
Future Banking Trends 2023 include technologies such as AI-powered ChatGPT, the metaverse, and embedded banking. And fundamentally impact financial UX by changing the concept of finance.
The metaverse will become the next global milestone after the digital transformation in the next few decades.
As part of global digitalization, Big Tech is using its power and resources to expand into the financial industry, but only a diversity of financial alternatives and healthy competition will ensure a customer-centric development in the financial industry.
The first metaverse banking UX concept that includes virtual reality banking, augmented reality banking, tablet, desktop, wearable and mobile banking.
UXDA review by ITTI Digital for which UXDA delivered a UX transformation of a 15-year old core banking solution.
UXDA stepped on the Finovate Europe 2019 stage in London beside other world's leading finance innovators and influencers to demonstrate which direction the financial industry is heading to.
UXDA is honored to become the first UX Design Agency recognized by Investment and Development Agency of Latvia, the Ministry of Economics, and the President of Latvia as one of the leading companies.
UXDA is selected to demo at the FinovateEurope 2019 conference in London. Previously organizations such as Google, Capital One, Apple, American Banker, Barclays, Business Insider, CNBC, Deloitte, Ernst & Young, Forbes, JP Morgan Chase have attended.
Finance has always been quite conservative but it hasn’t missed out on technological progress. Due to the development of technologies, banks are becoming separated from their customers. According to research, 40% of American bank customers don’t go to...
In 2018 Apple became the world's first trillion-dollar company, and Nokia failed. How this could explain digital disruption in banking?
This year, 413 European companies were nominated for European FinTech Awards TOP100 and UXDA entered TOP3 in category of Digital banking Innovation.