In the 2020s, practically every part of banking will be disrupted by technology due to a shift in the industry’s dynamics. Why exactly has the massive change occurred? First, the generational transition, with Gen-Z and millennials as the most prominent groups, has demonstrated that finance is not static, and without a futuristic perspective, some financial institutions could be left behind. This change has resulted in a demand for digital services.

For banks and other financial institutions, this has resulted in them making deliberate investments in digital innovations. This investment is a firm step toward maintaining a space in the present banking landscape and securing the future, as rapid changes continue in the industry. The returns may not be immediate; however, the idea is to facilitate a sustainable business and foster longevity by utilising innovative services and channels. Here’s how your financial institution or business can invest in innovation.

Think self-service when it comes to banking.

Why: Today’s financial customer prefer banking on their own, rather than an in-person experience.

Giving your customers the ‘reins’ will allow them to make personalised decisions or respond to their unique needs at their convenience. Self-service banking also provides speed, ease and peace of mind when performing banking transactions.

Although online and mobile banking have made their mark in the industry, extending services to send/receive money, particularly in cashless situations can have a dramatic impact on the customer’s banking experience.

Hence, the interconnectedness of services and transactions provides a cohesive banking system, which responds to the needs and interests of customers in their everyday life. For instance, payments for airline tickets can be processed through self-service systems, enabling customers to book aviation services at their convenience without interacting with airline staff or their bank.

 From another perspective, banking interconnectivity is also translated to non-banks such as trusts, and micro-finance institutions that are also able to benefit from the upgrades in the industry. These institutions can now offer lending services to customers, which helps the unbanked or underprivileged to access loans or even remittance services.

For the emerging markets, where Phoenix serves, the regulatory and cost challenges vary, however, as a technology partner, we assist you with integrating these affordable, modern, and responsive solutions. We support you at every stage, to ensure that your investment in innovation is smart, efficient and can make a difference in your business.

Remember, the more accessible your services, the higher the chance of retaining customers and building a loyal community.

You should invest the customer experience.

Why: The future of banking is driven by the customer

The idea here is to provide and deliver value, which is why technology must be responsive. In a digitally driven environment, the expectations are higher. Customer insight becomes necessary to ensure and confirm that you are providing technology that suits the needs of your customers. Consequently, your business’ technology should fit seamlessly into their everyday lives, and the culture of the country. The objective of technology is to create value, build trust and even promote social change, intended to facilitate transparency, and increase security.

A feature of Phoenix International’s core banking solution is dynamic reporting that facilitates the collection of customer information, habits, and trends, enabling your business to collate and comprehensively document valuable information about who you are serving. By accessing that insight, you can make intelligent decisions about where to reach customers, which services they need and the appropriate channels to access same.

How else can your business  invest in innovation?

Investing in innovation is also a sure way to make certain that your business remains responsive and agile. With increasing competition and other internal duties, it may appear tough to initiate and implement a technological upgrade project. However, by leveraging a technology partner such as a fintech company, you are provided with tools to help you scale, reach crucial markets and integrate the appropriate services in a phased and safe manner. These tools include:

• Smart ATMs that facilitate payments, deposits and cardless services
• Mobile wallets that safely store your customers’ information. Transactions are also faster, and banking information is accessible.
• Fully digital loan application and processing

How can Phoenix International support this innovation?

Phoenix International has invested some US$6 million in modern solutions over the past two years to meet the growing demands of the banking and fintech landscape. We are a digital transformation partner providing core banking and value-added solutions, enabling financial institutions to scale quickly, sustainably, and affordably while satisfying increased regulatory requirements.

 We ​improve internal and external customer experience by simplifying what was once complicated.​ Phoenix International currently serves financial institutions in the Cayman Islands, Antigua and Barbuda, the Bahamas, Jamaica, South Africa, Namibia, the United Kingdom, the United States of America, and Latin America.

We know a bit about investing in innovation. Visit phoenixinternational.io to learn more about how we can help you realise your business goals.