Once again, the banking industry is on the cusp of transformative changes. AI and generative AI (genAI) technologies have the potential to enhance customer relationships, deliver personalized digital experiences, augment customer service, and combat fraud. But they also have the potential to shift the mindset of banking from a product-centric to a relationship-centric approach and earn greater customer trust.

While AI and genAI are set to reshape banking, other drivers will ultimately differentiate banks in the future:

  • Banks will be invisible, connected, insights-driven, and purposeful. Tomorrow’s customer will expect banking to be embedded at their point of need, and they will seek banks that are values-aligned and enhance financial well-being. To meet the needs of future customers, leading banks will use technology, capitalize on consumer trust, and leverage insights to deliver the connected products and services that customers value. Banks will expand their role as trusted advisor and harness innovation for sustainable growth.
  • Customer obsession and collaboration will help banks stay relevant and build trust. To remain relevant in a rapidly changing industry, banks must create a culture of customer obsession and foster collaboration. This means using technology to anticipate customer needs and deliver proactive, relevant services, connecting with partners and ecosystems to deliver financial outcomes, leveraging data and insights to create value, and aligning with customer values in a purposeful way. By adopting these characteristics, banks can stay relevant and build trust.
  • Innovation won’t be limited to AI. While AI and genAI hold immense potential, innovation in the banking industry extends beyond these technologies. Banks will design for integration, collaboration, and speed, with experiences that are assistive, agentive, personalized, and anticipatory. Modern tech architecture will allow digital and technology executives to design and deliver modular and composable products and services. Banks will blend traditional products with new solutions that meet customer needs, creating closer connections with customers.
  • Successful banks will leverage trust intelligently and operate in multiple modes. They will curate and connect firms in constellations of value, power products and distribute them via others’ marketplaces, specialize in specific customer segments, make quick decisions, and become adaptive enterprises. By playing to their strengths and embracing change, banks can transform their business models and thrive in a world with blurred boundaries and increasing competition.

Banks must prioritize customer obsession, transform their business models, and embrace innovation to build trust with and create meaningful experiences for their customers. By taking an invisible, connected, insights-driven, and purposeful approach, banks can navigate the future of banking and create value for both customers and the bank.

To learn more about what leading banks are doing and how to prepare your firm for the future of banking:

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