You might already have guessed this, but the UK is now a smartphone society.
But don’t just take our word for it – according to Ofcom in August 2015 smartphones have overtaken laptops as the number one internet device in the UK, fitting into the pockets and handbags of two thirds of UK adults. And it’s not just confined to the young – 50% of 55-64 year olds have realized that having a smartphone can make many of our daily tasks easier. It makes sense.
But why is this important to a bank? Well, it’s pretty vital really.
When you take a smartphone, power it with the speed of 4G, and give people the option of doing essential, but at times inconvenient tasks, it begins to change the way we behave.
Take this for instance – the same Ofcom reports that people are changing the way they bank.
And the way they shop, communicate and watch TV. In fact, over half (55%) of the 23.6 million 4G subscribers in the UK said that they bank more online, compared to just one third (33%) of those without 4G.
But Digital Banking isn’t just about mobile - customers have omni-channel expectations.
Today’s consumer uses multiple devices, often switching from one to the other, and who wants to start processes over and over again. The user experience must be consistentreal-time and up-to-date, across all service points to deliver a seamless service.
Customers demand accurate recommendations and instant decisioning – therefore real-time data streaming becomes a key element in the digital banking experience.
So what, or rather who, is driving this change in how banks service clients? Clearly it’s the consumer and their desire for a new way of banking that fits their lifestyle.
Customers demand a better experience: they want a bank that is there at the touch of a finger, they want quicker decisions on financial matters that are important to them, and they want to cut out unnecessary paperwork and bureaucracy to help them achieve this speed.
‘The question is not whether the disruptions that we are witnessing today will transform banking and capital markets, but, rather, how will they do so?’ asked a Deloitte report into the future of banking.
This is where Challenger Financial Services makes it’s mark. We are investing in companies from around the world who bring a new way of thinking to banking.
We have already invested in companies with a track record of providing innovative digital solutions to banks in Asia, and we have a clear vision to help these companies develop solutions that will deliver what consumers want: convenient, speedy and responsive financial services.