2018 is almost here and it feels as though it’s been one of the most awaited years for UK retail banks. It’s the year that I truly believe we’ll see the high street banks put the customer at the centre of every move they make, primarily down to the implementation of PSD2 compliance (and the more stringent CMA rules in the UK), plus the rise of tangible use cases for emerging new technologies.
With PSD2 and the CMA rules serving as the most significant development that the industry has seen, retail banks will need to take an ‘Open Banking’ approach to embrace this change, utilising open APIs that power ‘Banking as a Platform (BaaP) to provide meaningful added value services that are good for the customer and good for the bank.
In promising news, our recent GFT research at the end of the 2017, found that this model is the primary approach for true digital transformation, with a staggering 77% of respondents saying that this methodology creates greater customer engagement, and 67% saying that it stimulates the development of new applications.
Banks know that they are sitting on a wealth of information, especially unstructured customer data, which is not currently being used to its full capacity. Powered by open APIs, it is also likely that we will see the rise of AI solutions, such as chatbots, process automation and personalised interfaces that will ultimately be critical to the success of digital transformation projects in 2018.”
Christian Ball is head of retail financial services, GFT
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