This is a hypothetical question. To define the future of banking, we need to analyze the current trends in the financial industry. There are multiple and dramatic speculations on what awaits the banking sector in the next decade, but, from a customer’s perspective the only answer to "Is digital banking the future?" is "Yes.", because it is clear for everyone that our future will be digital, cashless and personalized.
Instead of asking "Why digital banking is the future?" we have to admit that the future of banking technology is already here, and we can see more and more disruptive solutions from Fintechs. Open banking topples the monopoly of banks and gives Fintechs access to customer data across the whole industry. This will generate a huge amount of Big Data that will be utilized by highly skilled financial AI designers. Such future artificial intelligence in banking will deliver personalized solutions, offers and suggestions to customers helping to manage their finances on a new level.
There is no separate future of business or community banking, or even a future of transaction banking, because the future of banking in general will rely heavily on the digital experience provided to its customers. This will result in huge competition, global delivery and thousands of customized digital initiatives in banking. We are looking at a world of endless opportunities due to disruptive banking technology, a tough digital world ruled by customers.
Check out the best UXDA articles about the future of banking.
Today's consumers seek seamless, intuitive and emotionally resonant interactions with their financial institutions. We offer ten examples of how financial products can be transformed to exceed expectations and create an emotional connection through a stunning UX design by UXDA.
Building a digital service is a must, but it is not enough to provide financial services to digital customers. It has to match the customers' expectations to strengthen the brand for the future. To ensure this, financial companies must perceive the digital service as a product, not a channel.
UXDA received the Gold Award for the AI conversational banking app UX/UI design in the most prestigious and renowned Italian design competition A’ Design Award.
The Central Bank Digital Currencies (CBDCs) could start a new age in banking by impacting the financial customer experience and, as a result, disrupting the traditional business model. Will this CBDC trend be a threat or bailout for the industry, and how can UX design help banks to prepare for it?
Total digitalization has brought changes to the financial industry and the open banking revolution will make UX design crucial in the future.
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.
There's no doubt that banking in Metaverse will take the customer experience to a brand new. What can you expect, and what's the best way for the banking industry fully embrace the opportunities of the digital future?