ClearPoint are looking forward to participating at this year’s “FST Future of Banking & Financial Services Conference” at SkyCity, in Auckland on Tuesday, July 26th.

We welcome the discussions on big industry topics including customer experience, innovating with Fintech startups and Blockchain. And this year’s agenda promises to explore these, and many  more topical issues and trends facing the sector.

The right technology partnership can enable organisations to make the most of current and future opportunities. Come and see us at our stand to see how ClearPoint can help leverage these trends to maximise and drive business value.

ClearPoint has extensive experience in the financial services industry and solves complex business problems by designing, building and running game-changing technology solutions. We’ve worked with some of the region’s most prestigious brands in this sector and continue to open the door to an ever-demanding, yet exciting world of digital enablement and customer engagement.

There are four trends we see impacting the banking and financial services sectors, not only in New Zealand and Australia, but globally. Let’s talk to see just what is possible and what can be gained from embracing the new digital landscape.

The New Customer Relationship

With technological advances, the relationship that customers have with their bank has changed. Customers nowadays, rely less on using a physical branch for their banking needs, and instead have digital options at their fingertips ready to service their every banking need. The future is digital interaction with a more digital-savvy customer. We will soon see the nature of this age-old bank-customer relationship change the fundamental banking business.

Banking institutions rethinking their digital strategy, as customers more readily embrace digital solutions. An omni-channel strategy allows interaction with customers at each ‘touch point’ and ensures the experience is unified. The strategy should target different segments of customers and use tailored channels, reduce and modernise branch networks, and meet the market with a competitive digital offering.

Legacy systems holding back transformation

Legacy systems and complex infrastructure is a large barrier to banks looking to imitate the digital experiences provided by companies like Apple, Google, and Amazon. Competition for real-time, anywhere access to services for enterprises and customers is driving the direction of the digital world. Looking to digital leaders shows that through data, analytics, streamlined technology and systems, companies can deliver more personalised services faster.

Connectivity over physical assets

The future of bank branches will be more about focusing on advisory and consultation rather than transactions. The value of consumer banking comes from the connectivity they experience through their devices, rather than physical assets. It’s about pursuing outcomes and experiences that allow customers to do what they want, when they want, on whatever device they want.

Competition or collaboration with Fintech companies

While existing banks have clients and scale, new FinTech entrants bring innovation, and the “user experience” interface. Banks can most easily stand to gain, and compete, from improving their “customer experience” on top of their existing services.

Many new FinTech companies have agility, speed, technology skills and an entrepreneurial culture that incumbents can learn from. These companies are unbundling banking services traditionally offered together, which allow them to take a slice of the customer base and revenue stream. They also, however, desire the customer base, regulatory expertise, capital and distribution that existing banks have. Where there is an overlap of mutual interests collaboration can result in superior services that meet today’s customer needs.

See you at Conference  

Embracing change and fostering fresh thinking is part of our DNA, and with our extensive experience in this field, we are prepared to enable the new frontier of digital banking and financial services. Come and talk to us at our ClearPoint stand.