It’s clear that Retail-Banking is changing fast.
In the same way that iTunes revolutionized the music industry and Amazon transformed the book trade, digital initiatives are disrupting retail banking and are likely to alter the face of the industry forever.
DON’T JUST BE MORE DIGITAL –
BE MORE RELEVANT
Retail banks need to do more than simply ‘be more digital’ They need to evolve from transaction facilitator to digital partner for people’s day-to-day and lifetime events: helping them navigate financial decisions, make smart product purchases, benefit from relevant and timely offers, and enjoy personalized advice or recommendations. This can help banks to create more cross-sell and upsell opportunities, which build brand loyalty.
Banks should aim to create customer relationships that last a lifetime. It is no longer sufficient to offer “one size fits all” banking solutions. Digital technology has enabled banks to create personalized products and services for all stages of a person’s life cycle.
For example, millennials desire quick and easy banking while older generations may want access to home and car loans.
By understanding the identity of the customer and what they want, banks can tailor age-appropriate products and services for the customer, engaging them at a more authentic level. If banks are able to build strong relationships with their customers, they can also extend services to their customer’s adult children and other family members, for example, expanding their reach and creating clients for life.
To realize this, banks need technology platforms that enable them to deliver innovative omnichannel experiences;
embrace new business models;
facilitate new partnerships;
and connect across multi-industry digital ecosystems.
Mobile devices and ubiquitous online access are some of the key technologies driving this change. Branch visits are declining, yet the availability of financial instruments and opportunities for customers to interact with their bank has never been more convenient. With these changes, banks need to adjust and amplify their service delivery model – and identity is at the centre.
ForgeRock ties customers to unique digital identities so banks can understand who their customers are, wherever they are, without ever meeting them face-to-face.
With ForgeRock, retail-banking can play a deeper role in the everyday digital lives of their customers. More than just a bank, you can become the personal financial partner to all your customers.
Because when you know your customers better, they notice.
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