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2022 – the growth of banking verticals and personalization

2022 – the growth of banking verticals and personalization





2021 closed, and 2022 began. The banking world moved on with more and more banks and financial service providers implementing Banking as a Service and Digital banking solutions.

As 2022 unfolds, banks continue to digitize, and new Challenger and Neobanks arrive on the scene. Technological advancement in digital banking and Banking as a Service solutions is driving recovery and improvements in banking.

Customers are migrating to digital and mobile banking platforms. Challenger Banks and Neobanks are driving the change, focusing on various verticals and personalized banking experiences. New banks include GoHenry, a bank for teenagers, Green-got, a bank for people concerned about global warming, Rewire, a bank for migrants and international workers, Dave bank, a bank for digital natives, Tenth bank, a bank for black Americans, and hundreds more.

The proliferation of banking and financial services offered by these Neobanks and non-banking organizations challenge the traditional banking models.

Banking as a Service enables the growing demand for personalized banking experiences that capitalize on the vast amount of data banks capture on their customers. According to Capco 72% of recently surveyed bank customers rated personalization as highly important. Of the bank customers surveyed, 79% of Millennials, and 75% of surveyed Gen-Z placed the highest importance on personalization.

Demand for individualization, for personalization, is forecast to lead to “hyper-personalized” features that deliver tailored, real-time experiences that cater to an individual’s needs and profiles. This human connection and connectivity are integral to maintaining growth and a committed client-base, an interpersonal interaction.

This emotional experience for the customer fosters a reliable connection and is an issue that banks and fintech’s need to combine with their digitalization. Furthermore, this digital transformation is shifting to the low-cost implementation of digital wallets, favoured over traditional banking services.

Digital Wallets are an app experience, its’ innovative applications proffering customers features such as in-app sign-ups, spend-and-save tools, and virtual cards. They are all about the application and the data and provide a competitive advantage for digital wallet providers over traditional bricks-and-mortar competitors whose antiquated technologies hinder real competition.

These are just some of the opportunities that Youtap will explore in 2022. Customers demand reliable, relevant resources and tools to help them navigate the changing fluid landscape of 21st-century banking.

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