How Digital Banking Is Changing The World In 2021

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In 2021, the following major trends will emerge in digital products.

Strengthening the digital channels of banking products. It began during the period of self-isolation. During the period of self-isolation in 2020, digital products received a new impetus for development. Meanwhile, the share of daily active users (banks and fintechs) increased by 20%.

Banks will actively transform into ecosystems.

If a couple of years ago financial institutions offered their clients a standard set of services. Now they have become platforms that have:

  • banking services;
  • investment services;
  • services for the purchase and delivery of both food and various consumer goods;
  • tax and insurance services;
  • E-entertainment;
  • telecommunications.

Personalization and accessibility

If everything is more or less clear with the personalization of banking products, then everything is not so clear with the second term.

Accessibility. Equal access to content for all users. It includes those who have any impairments. It’s vision, hearing, musculoskeletal system, impairments associated with memory or data perception.

That is, by increasing the availability of banking products, we will increase its efficiency. It satisfies the user in achieving his goals. One hundred percent availability means using the full functionality of the product for absolutely any user. It includes those with limited capabilities. According to UN statistics, about 15% of the world’s population has some kind of restrictions (permanent or temporary). Having achieved 100% availability of the banking product, it will be possible to attract additional users. It will be beneficial for both parties.

To develop product offers, it is necessary to formulate the subject of analysis. The products used, the client’s activity, financial wealth, age and social category.

The result will be a better product offering.

More and more often banks will use the following formula: availability of offices, user-friendliness of interfaces, staff attitude, quality of services. There is the availability of banking services.

Interface customization

This means that each user will be able to customize the interface for themselves. You can choose a theme for its design. There is the possibility of hiding financial information in the Internet Bank will be popularized. The user will be able to customize how information will be displayed in the application.

Non-human – technologies and artificial intelligence

Technologies and computers are gradually adopting all processes from us, taking them under themselves. Non-human technologies are technologies that work without human intervention. A simple example, self-checkout counters in stores. But technologies have long ceased to be the prerogative of only retail. There are financial organizations are actively developing and implementing them in their applications.

Therefore, in 2021, that the following will develop:

  • voice assistants;
  • call centers;
  • chat bots.

They have already become an integral part of the client’s interaction with the bank. But in the future these technologies will develop and become seamless.

It is also expected to automate interfaces using artificial intelligence: document recognition, processing loan applications, generating personalized offers to customers, risk management and business planning, customer authentication.

All this will be left to the mercy of technologies, which, unlike people, are almost never wrong.

To sum up

If we do not forget that all the developments and improvements of mobile applications are aimed at the user, it turns out, the person himself acts as a driver of changes in the market and its technologies. Each has a specific need that the market must satisfy. All digitalization comes from the requests and needs of the buyer.

It turns out that the user’s life will only get better, financial institutions will do everything so that the client not only does not lose his money. But also it multiplies it. The use of the products of financial institutions is becoming clearer and closer to all strata of society. And this is a sign of the convergence not only of technologies and users, but also of business with users and the state with the user. And this, in my opinion, is a big step towards a transparent economy.

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