Dear Ladies and Gentlemen, fasten your seatbelts and prepare to land in the year 2020. The business climate at your destination is very favorable for the financial sector albeit certain challenges are expected from time to time. We wish you an enjoyable stay, that you contribute to the development of pioneering technologies, and victory in the competitive world of banking.
The key technological advances and recent trends have been discussed for more than 5 years by the prime movers of the banking industry at the renowned finance conference Money 2020. What was considered a mere dream years ago has now become commonplace. One thing is certain — we are here now, in the future. So, what will 2020 brings us?
THE NEED FOR SPEED
The pace of life is constantly accelerating. Thanks to technological progresses we can cross the globe in just a day, get a taxi with a single click in a mobile app, pay by credit card instantly, and much more. People want instant responses from everything and everywhere, and so the banking industry needs to accept the new rules of the game and offer the quickest, most convenient and personalised experience.
THE FINANCIAL INDUSTRY IS FOCUSED ON INSTANT INTERNATIONAL PAYMENTS AND MONEY TRANSFERS. PEOPLE ARE USED TO GETTING WHAT THEY WANT NOW, AND FOR THEM IT IS UNREASONABLE TO WAIT 2-3 DAYS JUST TO RECEIVE MONEY SENT TODAY
SHARING IS CARING
The ongoing notion of consumer-centric banking is open banking which is focused on the idea of sharing customer data, enabling third parties to analyze or use it. Modern digital customers expect to have instant access to their finances, transparent cost-effective banking services and beneficial partnership offers. And the data that they give their consent to sharing with fin techs will lead to the innovation of new products, some of which could turn everything upside down.
Even though almost everywhere pay-checks and cash have given way to payment cards, which in turn are accessible from smartphones, there is still a lot of room for the development of financial services.
Some banks accept applications to issue bank cards via a mobile app and deliver it directly to the customer’s home address, without him or her having to visit a branch, and sometimes these banks have no physical branches. It saves the customer time and is more cost effective for banks. But not so many banks offer a truly digital card feature – a card with no physical plastic at all, instantly ready to use from the banking mobile app.
THE OPPORTUNITIES ARE WIDE OPEN AND THE COMPETITION IS A GREAT INCENTIVE FOR DEVELOPMENT
THINKING AS A HUMAN
Artificial intelligence and machine learning is now an important part of our day-to-day lives and people expect machines to think and act almost like humans: to show only necessary ads, to determine our correct location and advise us on interesting things-to-do, to suggest friends of interest and interesting articles in social media.
Banking is also constantly changing and transforming into a much more tailored, personal and accessible service for customers. Smart chat-bots, individual loyalty programs and banking services based on the lifestyle of a particular customer help to create a customer-focused atmosphere.
ALL SOLAR PRODUCTS ARE BUILT IN ACCORDANCE WITH THE MOST RECENT TECHNOLOGICAL INNOVATIONS AND SIMPLIFY COMPLEX PROCESSES. THE DRIVING FACTOR FOR THE SOLANTEQ TEAM IS THE SUCCESS OF OUR CUSTOMERS. WE WOULD LIKE TO CONGRATULATE YOU WITH SAFE LANDING IN 2020 AND WISH MANY MORE SPECTACULAR FLIGHTS