In 5 years, competition in the banking industry will become more intense. With fast-changing customer behaviors and disrupters, it’s not just about getting more money. It’s about getting more ‘time’ from customers, and lifestyle banking is key to that. The customer experience and engagement model are what defines a new era of banking.
The banking industry will get more competitive within five years or 2024 with new technology, changing behaviors, and emerging players from outside the industry such as Apple’s virtual credit card, Line Pay wallet (e-money), True money, Line pay, AirPay, and WeChatPay along with Alipay in China.
It’s no longer about getting more money from customers; it’s about getting more time. Time is a limited resource. Seizing more time from customers means the opportunity to increase revenue, getting valuable data, and even becoming a platform. Line is a good example. With free service, Line has a massive user base with high engagement. Businesses eventually need to get to their customers via Line platform. Netflix is another platform successfully taken hold of customer’s time. With customer data collected, Netflix personalized their customer experience to seize their customer’s time even better.
Bluebik Group has worked with leading banks in Thailand to transform into lifestyle banking. We connect banks with partners, give consults, and work together with banks to enable digital transformation and create products and services with excellent customer experience. Design is also crucial, as it could change customer’s perception that banking services are complicated and take a long time.
If an interface design of digital banking is not enticing and easy-to-use, customers will not want to use it. Another crucial element is e-payment, a door to lifestyle banking. As a system that’s always changing, banks seek a consult to go to market as fast as possible, as stalling would be a loss to businesses.
However important, banks should not take time developing their platform as it’s not a bank’s core expertise. As a digital and innovation consulting, Bluebik Group is experienced in connecting banks with partners to create products and services to reach customers efficiently.