Beyond banking basics
While banking respondents currently generate 11% of their revenue from digital channels on average, they expect that to reach 17% by 2023 (see Figure 2). To achieve these ambitious targets, financial institutions must move beyond transactional apps — checking balances, making payments and transfers — to weaving their products and services into customers’ lives in a way that makes them personalized and relevant.
One way to do this is through artificial intelligence (AI)-driven financial wellness tools that deepen the bank-customer relationship by providing digitally driven insights that improve money management.
Another is to add more human-like interfaces to customer touchpoints, such as voice interfaces. In our previous research, we found that banking and financial services is the most bullish of all industries about generating revenue through voice technology, with 55% planning to build a “voice skill” in the next 12 to 24 months. From selling products, providing information, completing transactions and helping customers access services, voice interfaces will soon be embedded in chatbots, applications, products and services.
Banking on digital to unlock new revenue channels
Respondents were asked the percent of revenues they expected to obtain from digital channels, today and in 2023. (Percent of revenues)
Base: 287 senior banking and financial services executives Source: Cognizant Center for the Future of Work Figure 2
From selling products, providing information, completing transactions and helping customers access services, voice interfaces will soon be embedded in chatbots, applications, products and services.