The focus on data and analytics would help FIs to better understand their customers so as to improve the customer experience on their mobile banking applications. "Robo-advisory and automated financial assistants in the wealth management space is something to keep an eye out for," Seth told Bank IT Asia.
"[For example], the OCBC OneWealth app enables customers to buy and amend unit trusts directly on their mobile devices. [This] "democratisation of wealth" makes wealth management more accessible to customers, who will desire more convenience in making investment decisions on-the-go," he added.
"Technology aside, there is also a growing shift in the perception of startups as disruptors to enablers. In 2017, the prediction is that collaborative innovation will be at the heart of the digital future for banks. Collaboration with relevant stakeholders will remain key to driving the adoption of new technology solutions," predicted Poh.
"During Singapore Fintech Festival 2016, KPMG's Digital Village demonstrated, in the form of working prototype apps, how banks can build a seamless, digitally-empowered customer journey. These customer-friendly apps were built in collaboration with startups with expertise in blockchain-shared ledgers and smart contracts, and AI-enabled chatbots," Poh shared.
It is expected that in 2017, we will see mainstream adoption of these technologies in the banking industry.
As the trend predictions for the year ahead points to a focus on innovation to deliver a customer-centered banking experience, Neal Cross, Chief Innovation Officer, DBS Bank, concluded that, "2017 will be the year of application programming interfaces (APIs) as banks look to become platform players and expand their product and service offerings into digital ecosystems. This will mean that banks can be seamless part of the customer's journey with a fuss-free and contextual offering to meet their needs."
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