As digitization changes the nature of products and services offered by the banking and financial services industry, consumer expectations and preferences have also changed. New and emerging market players, FinTechs and Neobanks, have introduced and implemented innovative offerings to the banking industry. These digital innovations increasingly challenge the traditionally held customer relationships the incumbent, bricks-and-mortar financial institutions carry. Incumbent banks have started to react to their competitors and have innovated their respective product offerings to be more centric to their client base.
It is essential to understand the significance that digital and non-digital, traditional services have today to recognize what attributes and services consumers want when banking. Several latent personalized [and digitized] characteristics influence them when they choose their financial service(s) provider. Issues such as accessibility, expressiveness, personal values, and trust are foundational cornerstones that conventional banking systems need to consider when digitally moving forward. While customer service experience, the scope of [banking] services, and professional expertise are critical for the consumer, the actual type of provider and digital product innovation is not as necessary. In an ever-increasing digitized world, the customer’s overall preference is [personalized] service.
As the banking industry edges its way into open banking, assisting a future of ‘consumer-directed’ finance, Youtap’s technology as a Service (BaaS) models build innovative financial service solutions for customer experiences that utilize modern API-driven platforms. Youtap’s fully integrated suite of digital banking products and financial services platforms provides user-friendly technology for the consumer. They’re centric as they are personalized. Youtap is customer-centric and continues to move forward with its innovations and technology, ensuring its role in advancing innovations that make personal banking personal.