On the 9th of July 2014 we hung around to hear about the future of banking with FNB
ITWeb will chat to future banking expert, Kim Gibson v/d Walt, and Internet and mobile communications analyst, Arthur Goldstuck, about current trends and what we can expect from the relationship between banking and technology in the future.
Kim Gibson v/d Walt started off the conference by saying that it is important for banks to become customer centric- now, it is about how banks can suit their customers’ needs. With the future of banking they stated that mobile devices are the enabler, with banks spending a large amount of time educating customers about online services. FNB currently does that a lot at their branches.
FNB has to keep being creative with their offerings and keep up with technology and the penetration of mobile services like Google Wallet. They did have an important point to make, although these new apps are rather cool and appeal to very small niche demographic, ultimately people trust banks more so then they will trust their money with Google Wallet with the entirety of their pay check. This is because for a bank, financial services are their core business, mobile operators do not have their core business focus around financial services and if they try to cannibalize the market they would not do it as well as a bank.
Banking going digital:
The panel stated that there is an increased use of mobile money, but they do not think that banking will ever go entirely digital because people do need that physical intervention, so branches will still be needed in the future to process physical transactions. Currently there are a lot of self-assisted services with a lot more tech coming into branches, banks would still have bankers in the branches but it would be where they assist you to help yourself. Branches are also experimenting with banking via video conferencing, if you need something i.e. home loans and the expert isn’t around, you can video conference them at the bank. Which we think is a pretty awesome idea. FNB is constantly looking for ways to simplify banking, making it more easy to understand.
Kim spoke about a future where we see a lot less boundaries in the banks, more open spaces, sort of like retail shops. Where bank tellers sit next to you and help you with your smartphone, not across a table from you. FNB made it very clear that they are trying to position themselves away from banking and move toward retail services where they become more retailed based.
With banks looking like retail stores, banking via video conferencing, biometric verification systems, gamification models and a whole host of third party applications that could be integrated into the banking app, one cannot help but get excited when we think about how far technology in banks have come and how much further it’s going to go.
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