Victor Yaromin’s Post

Transforming the Banking Landscape: Key Insights for Staying Ahead In today's rapidly evolving financial landscape, the need for banking transformation has never been more critical. As the industry grapples with digital disruption, changing customer expectations, and regulatory pressures, banks must innovate to stay competitive and relevant. 1. Digital-First Strategy is Non-Negotiable A recent survey highlights that over 70% of Gen Z consumers in Canada prefer digital interactions over traditional banking channels. This digital-first mentality extends beyond just having a mobile app—it's about creating seamless, personalized experiences that resonate with tech-savvy users. Banks that leverage AI, machine learning, and big data to tailor services to individual customer needs will have a distinct competitive advantage. 2. The Power of Crowdsourced Information In a surprising shift, more than 60% of Gen Z banking consumers trust user-generated content over bank-generated marketing materials. This means that customer reviews, testimonials, and social media engagement are becoming key drivers in the decision-making process. Banks must invest in building online communities and fostering authentic customer relationships to influence this critical segment. 3. Embrace Agile and Open Banking Agility in operations and the adoption of open banking are no longer optional but necessary to keep pace with the market. Open banking allows banks to collaborate with fintechs and third-party providers, offering innovative services that enhance customer experience and expand market reach. This collaborative approach can drive new revenue streams and improve customer retention. By embracing these insights, financial institutions can position themselves as leaders in banking transformation, driving growth and delivering superior customer value in a rapidly changing environment. #BankingTransformation #DigitalBanking #Fintech #CustomerExperience #Innovation

📈 Digital Banks Are Popping Up! Will This Innovation Win Over Low-Tech Users? What About Customer Expectations? As digital banks continue to emerge, they're offering seamless banking experiences with lower fees, faster transactions, and greater convenience. But are these innovations catering to everyone? While digital banking clearly appeals to the tech-savvy, the challenge lies in winning over those less familiar with technology. Traditional banks have a long history of face-to-face interactions and trust-building—key elements that some low-tech users still prioritize. So, how can digital banks close the gap? It's essential that they invest in intuitive, user-friendly interfaces and accessible customer support. Offering hybrid services that combine digital convenience with human interaction can bridge the trust gap. Moreover, customer expectations are evolving rapidly. People now expect instant service, transparent processes, and personalization. Meeting these demands will be critical to any bank’s success, digital or otherwise. Ultimately, the real question isn't just about technology, but about customer experience. Will digital banks deliver an experience that feels personal, secure, and inclusive? #DigitalBanking #Fintech #CustomerExperience #Innovation #FinancialInclusion #BankingTransformation

"New research from Q2 reveals surprising similarities in banking preferences across generations while highlighting opportunities for financial institutions to create more personalized experiences. By leveraging data and emerging technologies, banks and credit unions can build deeper relationships with customers of all ages." #banking #personalization #marketing https://lnkd.in/e7UXFAiD

Embracing the Digital Banking Revolution In today's rapidly evolving world, new technologies are fundamentally changing how we live, work, and interact. The business landscape, including the banking industry, is no exception. Digital banking is not just a trend; it's the wave of the future, reshaping customer behavior, expectations, and the competitive landscape. "Digital banking" often gets confused with mobile or online banking, but it's much more comprehensive. It's about integrating new technologies across financial services, driving changes in internal and external relationships to enhance customer experiences. The transition to a fully digital banking environment is challenging, leading to further fragmentation in financial services. To thrive, banks must deeply transform their business models, culture, and IT infrastructure. Innovation and data utilization must be at the core to create new business opportunities, revenue streams, and customer engagement. Digital banking is an urgent need, not just an academic concept. As we navigate this digital transformation, let's embrace the opportunities it brings for growth and enhanced customer service. #DigitalBanking #Fintech #Innovation #CustomerExperience #BusinessTransformation Reference: Dasho, A., Meka, E., Sharko, G., & Baholli, I. (2016). Digital banking the wave of the future. Proceedings of ISTI, 1, 1-6.

Next-generation banking experiences are setting new benchmarks for customer service by leveraging innovative technology solutions. Here's a condensed look at how these experiences are reshaping the banking landscape: 𝐒𝐞𝐚𝐦𝐥𝐞𝐬𝐬 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐈𝐧𝐭𝐞𝐫𝐚𝐜𝐭𝐢𝐨𝐧𝐬: Banks prioritize seamless digital interactions, offering convenient access to services through user-friendly mobile apps and online platforms. Customers can effortlessly manage accounts and conduct transactions anytime, anywhere. 𝐏𝐞𝐫𝐬𝐨𝐧𝐚𝐥𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐓𝐡𝐫𝐨𝐮𝐠𝐡 𝐃𝐚𝐭𝐚: Advanced analytics and AI-driven insights enable banks to offer personalized financial solutions tailored to individual customer needs. By analyzing customer behavior and financial patterns, banks proactively recommend products aligned with customer goals and preferences. 𝐄𝐧𝐡𝐚𝐧𝐜𝐞𝐝 𝐒𝐞𝐜𝐮𝐫𝐢𝐭𝐲 𝐌𝐞𝐚𝐬𝐮𝐫𝐞𝐬: Next-gen banking experiences emphasize robust security, employing advanced authentication methods like biometrics and encryption. By prioritizing security, banks build trust among customers, fostering stronger relationships and confidence in digital banking solutions. Next-gen banking is revolutionizing customer service with seamless digital interactions, personalized solutions, and robust security measures. These innovations set new standards, ensuring customers can bank confidently in the digital age. #businessdevelopment #softwaredevelopment #fintech #BFSI #siteclick

Browsing through the news - seeing how rapidly the banking industry evolves is fantastic! ❓Did you know that only 2 years ago, 14 out of 22 #banks had identical or highly similar products?  👉Now, only 1 out of 39 incumbents have no unique features. TechMagic did some research as well - and here are the primary customer expectations from the banking experience: ✅ Growth in mobile usage: Features like mobile check deposits, easy transfers, and personalized alerts are expected to become standard offerings. ✅ Digital-first banks, or neo-banks: traditional banks should kickstart digitalization ASAP. ✅ Non-financial customer experience: users judge their digital experience based on standards set by leading service providers from non-financial sectors, such as retail and technology. This comparison raises expectations for personalized communication, loyalty rewards, and innovative user interfaces. ✅ Expectations of real-time products/services: incumbent banks are expected to offer reliable, around-the-clock online services and customer support to address issues and inquiries instantly. ✅ Enhanced security with convenience: customers expect robust security measures that do not compromise convenience, such as biometric authentication and single sign-on features. ✅ Integrated financial management solutions: there is a growing desire for financial platforms that offer more than just transactional capabilities, including budgeting tools, personalized financial insights, and integration with other services for a holistic view of personal finances. ✅ Sustainable and Ethical Banking: Financial institutions are increasingly expected to demonstrate social responsibility, offer sustainable products, and invest in ethical practices. Are there any trends you're noticing as well? #banking #fintech #finance #digitalization

How will banking evolve over the next decade? Economist Impact 's recent briefing paper, “Banking in 2035: Three possible futures”, offers interesting insights — https://lnkd.in/dhcmxWhb The first future they envisage is the accelerated digitalisation of financial services. While digital transformation in banking isn’t new—largely because COVID-19 forced financial institutions to adopt new technologies—experts predict even greater momentum in the coming years. Here are the key forecasts: 1️⃣ Fintech and big tech companies will become leading players in the financial services sector. 2️⃣ Traditional banks will adopt new business models, like open banking and platform banking, to remain competitive. 3️⃣ Banks will focus on rebuilding trust by enhancing data production and offering innovative products For this future to materialize, financial institutions must: 🎯 Modernize legacy systems with cloud-based solutions 🎯 Cultivate partnerships with fintech companies to unlock new business models and provide customers with seamless omnichannel experiences 🎯 Adhere to data protection and privacy regulations to safeguard customers’ sensitive information Is your financial institution ready for this digital future? Discover how Woodcore’s cloud-native core banking solutions can help you stay ahead. Book a demo today: woodcoreapp.com/contact #digitaltransformation #digitalbanking #bankingtrends #thefutureofbanking #financialservices #financialinstitutions #corebanking #corebankingsolution

The perception of digital banking as solely for basic transactions is evolving. Today's customers expect a comprehensive online experience that adeptly manages complex financial needs. Financial institutions (FIs) recognize the value of branch-centric strategies but understand their limitations in driving growth. Merely investing in digital infrastructure isn't enough; a holistic approach is necessary: - Contextualized Experiences: Anticipating user needs and offering personalized guidance. - Seamless Journeys: Ensuring smooth interactions for users, regardless of complexity. - Respectful Engagement: Valuing customer time with efficient digital solutions. This approach fosters deeper customer relationships, builds trust, and boosts revenue-generating online interactions. Digital banking isn't just cost-effective; it's a potent growth engine. Learn more on how your bank can break the "digital wall" and unlock your digital channels' full potential - https://lnkd.in/eJGBPact #DigitalBanking #Growth #CustomerExperience #fintech #financialtechnology

🌐💼 Exciting Insights into the #Core #Banking #Software #Market! 💼🌐 Did you know that the Core Banking Software Market was valued at US$ 11.19 Bn. in 2022, and is projected to grow at a CAGR of 8.2%? Dive into the core of this dynamic industry with these key highlights: 🔍 Overview: Core Banking Software (CBS) serves as the backbone of banking operations, streamlining transactions across multiple branches onto a single platform. It enhances operational efficiency, client relationships, and transaction management. 🚀 Market Dynamics: Rising demand for digital banking experiences, AI-integrated solutions, and cloud-based platforms are driving market growth. Banks are leveraging CBS for data analytics, risk mitigation, and customer insights. 📊 Segment Analysis: CBS solutions are segmented into Enterprise Customer Solution and Core Banking Solution, each playing a vital role in enhancing banking operations and client satisfaction. [Request Free Sample Report for detailed insights! 👉 https://lnkd.in/duja2bah] 🌍 Regional Insights: North America leads the market with advanced CBS adoption, while Asia-Pacific is poised for significant growth, driven by mobile banking and technological advancements. 🔒 Challenges: Despite growth prospects, challenges such as privacy concerns and lack of awareness hinder market expansion. However, innovative solutions and security enhancements are addressing these issues. 🔍 Research Insights: Dive deeper into the Core Banking Software Market with comprehensive reports, offering insights into market dynamics, competitive analysis, and future trends. Unlock the potential of the Core Banking Software Market and stay ahead in the digital banking revolution! #MarketResearch #BankingTechnology #CBS #DigitalTransformation

Aussies Want Personalized Banking - But How? 🇦🇺 A new report by Publicis Sapient dives into 🇦🇺 Australian customer expectations for banking in 2024. Here are the key takeaways of what Aussies want: 🛃 Personalized Service: Customers crave experiences that understand their unique financial situations. Many still see physical branches as key to achieving this. 📲 Digital Convenience: There's a growing demand for digital banking, especially in areas like customer service, account management, and financial planning. 💸 Cash Still Matters: Don't underestimate the importance of cash for many Australians. Banks need to find a way to offer it even as branches become less frequent. The Challenge: Balancing Innovation with Trust - 🇦🇺 Australian banks need to find a way to bridge the gap between the desire for personalized service and the digital future. Striking the right balance between physical and digital experiences, while responsibly implementing AI is crucial. Download the full report here 👉 https://lnkd.in/dCr6g-AZ