Navigating the journey to become more than a bank.
For the financial services industry, digital transformation must be woven into business strategy. Size is no longer an automatic advantage, and can, in fact, slow you down. Traditional players must compete with lean digital start-ups and ever-present global tech giants within a shifting landscape of growing customer expectations, regulatory complexity, and technology-enabled innovation.
Personalised digital banking – if done well – increases revenue, improves engagement and reduces support costs. It’s time to serve a segment of one – as ‘the bank of me’ puts each customer at the centre of their own financial world as advanced analytics and AI make personalisation possible.
At Roam Digital, we combine technical expertise with a deep knowledge of the financial services industry, to help you modernise your technology, streamline operations and build your internal capability.
As today’s consumers seek a more personal, customised experience with their money, banks need to focus on digital innovation to stay relevant, operate leaner and build better relationships with your customers. We’ll help you balance the possibilities of data analytics and behavioural science with privacy, security and ethical challenges.
Consumers are increasingly attracted to the fintechs that stay relevant by harnessing data to fine-tune their offering. Due to the growth and convergence of data, analytics and AI, financial institutions can fully customise across their product offering. This includes mortgages, investments, insurance, support and advice. Using data, they can also engage in enhanced customer segmentation, looking beyond blunt demographics like age and location to focus on narrower and more nuanced categories.
The challenge lies in balancing technology with customer behaviours and experience. It’s vital to not just pay lip service to ‘customer first’ – they must be at the centre of any effective personalisation strategies. The physical branch might be falling out of favour, but people still want service – they just want it on their own terms.
Globally, neo banks are attacking all facets of financial services, and regulatory protection is a levee about to break. As technology makes it easier to ‘build a bank’, digital-first banks unencumbered by legacy are rapidly gaining followers with their customer obsession, agile delivery and direct approach. To succeed requires re-engineering both technology and culture.
Beyond neo banks, blue-chip tech companies are delivering digital wallets, leveraging global infrastructure and enjoying higher customer ratings — all without needing to rely on banking as a core revenue stream. To meet current and future digital disruptors head on requires the shift in thinking that’s happening in other industries.
Open banking is inevitable. By embracing it as an opportunity rather than an obstacle, you’ll open doors to innovation. With users now able to own their data and take it with them, there are unprecedented possibilities to use these previously-unlocked resources to enhance performance, customer experience and profitability.
While open banking can be a great enabler, it requires a shift in thinking and the right collaborative partners to strategically build the right technology ecosystem, utilise your open banking APIs and attract new customers.
“With disruption constantly reshaping customer preferences and the industry as a whole, we need partners like Roam Digital: knowledgeable, reliable, and able to respond quickly to changing circumstances and engage in out-of-the-box thinking.”
– Lewis Billinghurst
Head of Ventures, Westpac NZ