UPS, or 3 Things that Define the Future of Banking.

The world has changed. We are living in the golden age of user/customer experience (CX). Also, now it is easier than ever to change the product/service if your expectations are not met. That is why CX is the KEY, and the ones that will exceed (not only deliver!) customer expectations will thrive in the digital age.

In essence, it comes down to 3 simple things - UPS. UPS summarizes rather very understandable, but yet truly essential things that define the future of banking. These are the following.

Ubiquity

You have to be where the CUSTOMER is. Since in a digital age s/he is everywhere, you have to follow.

Moreover, people expect consistent experience every time they interact with a brad. Hence, no matter which channel you are using (be it mobile, online, physical etc.), make the CX your top priority.

Personalization

One-size-fits-all approach does not work. People want value, they want to know that you care, so you have to adjust your offering to serve specific, individual needs.

Hence, that is why data is the new oil. You have to be smart with the information you collect from your customers so that later you could use it to serve them better. Thing to consider: according to Google, nearly 90% of marketers have reported that personalization on their websites or apps resulted in an increase in revenue.

Finally, think of Starbucks, and why it is the leader in mobile payments.

Speed

Advancements in technology have made us lazy -- we want everything to be delivered and made now, and with as little effort as possible. Even better would be that product/service would be delivered way before the customer even thought about it.

And the opposite is true - the lack of speed will destroy your CX, which in turn will damage your brand. Thing to consider: Google reports that 53% of people will abandon a mobile site if it takes more than three seconds to load.

Thus, in a digital age you have only couple of seconds to grab the attention of your customer. And you have to make them count.

Bringing it all together

This is very simple: the future of banking depends on 3 things -- UBIQUITY, PERSONALIZATION and SPEED. UPS, no more - no less.