Just as time marches ever onwards, so too does the progress of digital-first technologies, and 2018 will be no different as banking – and the wider financial services sector – takes its first, tentative steps into the ‘post-app era’.
Crucially, the mobile experience is no longer being driven by the evolution and launch of new devices, but by the ecosystems that run across them.
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Whether consumers pick up a tablet or laptop, smartphone or smartwatch, they now expect a single, unified experience. As such, the focus is moving away from the screen (in particular, touch of the screen) to interaction in two new ways: speech and sight.
The former, speech, refers to the use of a microphone – whether barking orders to a virtual assistant, or navigating automated systems. While, the latter, sight, centres on the use of a camera.
Not simply to take pictures but to use augmented reality to enhance the search process; illustrating your requests to your device “I want one of these” or “where can I find this?”.
Huge leap forward for banks
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By GlobalDataThis approach does, of course, represent a huge leap forward for banks, and in 2018 it is very unlikely that we’ll see many in the industry betting the farm on these new forms of engagement.
Ultimately, the core customer experience will evolve more slowly, with smaller progressive steps in this direction.
Nevertheless, these steps represent an important evolution in the relationship between banks and customers. While banks have traditionally relied on customers coming to find them, engaging via their channels and on their terms, customers are less willing to follow this method.
Now, consumers are used to having things done their way; and with much of their time spent on social and retail platforms – from Facebook, Twitter, and Instagram, through to Apple, Amazon and Google – banks need to find engagement in these platforms.
When attempting to plan for this transformation, banks can learn a valuable lesson from pizza. Or, more specifically, one brand of pizza: Dominos. With a track record of embracing the latest and greatest technology, Dominos customers can now place their order through any number of channels: from Facebook Messenger, to Twitter, via their smart TV, through Amazon Alexa or their Apple Watch.
This commitment has led to significant success, generating an estimated $5.6bn in global digital sales in 2016 alone, while noting that 30.9% of its online orders were taken through a mobile device.
What Dominos’ triumph demonstrates is that consumers have an appetite for innovation. And the banking sector must take note, or risk missing out a substantial slice of the action.
Simon Cadbury is Director of Strategy & Innovation at Intelligent Environments:
