HOW often do you exchange money for products and services, today? In many ways, Covid-19 has driven new, digital forms of banking but consumer behavior is driving the most innovative banking solutions on the market.
Consumers expect to have control over personal data and their growing thirst for convenience is shaping how financial institutions evolve and evolve.
A recent industry panel, focused on digital finance, featured insights from Bain and Company, Maybank, Pertama Digital, GOtyme Digital Bank of the Philippines and ServiceNow.
Looking at new ways to deliver digital services, Kiwibank, with the largest physical branch in New Zealand, has partnered with ServiceNow to create an online customer care engagement channel within of four days, to funnel all customers to the bank’s backend staff.
It’s a testament that accelerated digital adoption is life -changing for all parties, said ServiceNow solutions consulting senior manager Liew Kok Mun.
Liew shared that the team could handle approximately 5,000 requests in the early days when the Kiwibank portal was launched.
Digital Finance Industry Calibration for the ‘Never Normal’ PowerPanel: (From left) Baijal moderator, with Malolos, Mohd Suhail, Akhtar and Liew.
“Positive customer outlook is a strong source of sustainable competitive advantage for a financial institution and profitability and service provider market share during a crisis.”
Noting that accelerated digital adoption will result in the future aggregation of the multiple e-wallets currently available, Liew pointed out that it also provided job opportunities to workers in the gig economy, providing services providers the ability to compete as well as expand the landscape for hire. talent.
“One of our clients (an international bank that operates mostly in Singapore and Malaysia with approximately 90,000 employees worldwide) used this flexibility and sold it as a distinction for itself to attract talents from a variety of locations, ”said Liew who has spent the past 14 years helping businesses elevate digital experiences in a variety of domains including service management and security operations .
Noting that the pandemic has helped speed up digital banking by five to 10 years, Maybank group chief technology officer Mohd Suhail predicts that there will come a point of time where Malaysians will be able to move only using their mobiles. gadget.
He said even people who are extremely resistant to using digital have been converted.
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“Maybank’s statistics show that digital adoption is at its highest. In May 2021, online retail transactions on our digital platform grew 51% year-on-year.
“Customers’ preference for serving online is growing on a daily basis. Transactions such as QR pay via mobile have grown 200%, while businesses and SMEs are using digital methods, with 100,000 new online accounts opened at Maybank from February this year.
With this progress in adoption, Mohd Suhail said the demand for digital and Internet services will continue to increase among consumers and businesses demanding speed, convenience and safe environment.
“Maybank wants to ensure the integration of credentials by engaging with the underserved and underserved segments of society to give them high-quality access to financial solutions, in line with our vision of making financial services, “he said.
Pointing out that digital banking remains an alternative and not the default choice to consumers, Pertama Digital strategy director Saify Akhtar said it was crucial to develop people -centered digital products to avoid missing out. great opportunities in the future.
“Public confidence in the digital way of life needs to be maintained and enhanced. We must ensure that the value proposition for all stakeholders is strong, can solve problems, and meet needs as well as higher expectations. ”
Noting that digital financial services tend to favor consumers rather than merchants, Saify said entrepreneurs should be left to focus on making a profit, rather than be overwhelmed by operational administrative responsibilities. of a business.
He believes that the near future will have a more transparent and fair financial sector that is driven by decentralized finance but still offers the protection of a regulated environment.
Meanwhile, GOtyme Digital Bank president and chief executive officer Jojo Malolos recommended the use of hybrid or omnichannel methods to approach the digital adoption opportunities posed by Covid-19, after noticing the volatility, uncertainty, complexity, and ambiguity. (VUCA) will make it a challenge for operators. to remain steadfast in business models to survive digital adoption and the onslaught of technology.
“Integrate new types of services and solutions, combine goals and manage data in a way that benefits everyone,” he said.
He predicted that the most successful banks or financial institutions in the future will be technology companies that can conduct open finance, get all the services where data is shared with all bank account holders, and be highly personalized. for individuals.
Let’s workflow it into ServiceNow today! Contact us at [email protected] to learn more, or visit www.Servicenow.com.
ServiceNow is a Silver Sponsor of Star Media Group’s StarBiz Summit 2021, held in conjunction with the group’s 50th anniversary. To watch the industry power panel session again, visit bit.ly/starbiz-servicenow.
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