There are several digital banking transformations on the horizon for 2021. The banking industry, like so many others, has undergone massive changes to the way it does business during the pandemic, and those changes are likely to last long afterward. Let’s take a look at some of the most significant digital banking trends for 2021.
Ditching the Line
One of the most noteworthy digital banking transformations for 2021 is the end of the queue. When people talk about standing in line — or, rather, when they complain about it — banks are often held up as a negative example of the frustration that comes with queueing. Banks are busy places. Whether you’re depositing money, making a withdrawal, or signing up for a new savings account, you likely know the hassle of arriving at the bank and discovering that you’re going to be waiting longer than you anticipated.
The QLess queue management and appointment scheduling app ensures that consumers won’t have to deal with the line. Instead, they can simply pull up the app, view their bank’s available appointment times, and choose a convenient slot. Rather than hanging out at the bank, they will be notified of any delays or changes to their appointment time directly on their mobile phone, so they can show up on time for their appointment and complete their business without waiting.
Personalization via Artificial Intelligence
AI is another digital banking trend that’s making waves in 2021. Specifically, banks will use artificial intelligence to incorporate predictive personalization within their institutions. Visitors to a bank’s website will be greeted with advice and suggestions tailored to their needs, based on previous behavior. That may involve help with buying or selling stocks, shifting over to an interest-bearing CD, or making payments through the bank.
Just as customers won’t be spending as much time at the bank thanks to wait time management software, many employees will likely be remote, as well. During the pandemic, bank management has adapted procedures so that not every employee is needed on-site, making remote work a growing digital banking transformation. While some positions do need to remain at the bank, technology allows many staff members to do their work remotely, which helps ensure their safety without sacrificing productivity. Banks understand that their employees need flexibility now. Not only that, but remote work can help cut costs, and it offers added convenience that can help banks compete in an already competitive industry.
Shifting to the Cloud
One of the biggest digital banking trends of the year is the shift to the cloud. Cloud computing offers a way for banks to process data at faster rates. It also makes them more accessible to other staff members and bank customers.
These are just a few of the digital banking transformations that will gain traction in 2021. As the year continues, new trends are likely to emerge. Which one do you think will be the most helpful? You can ditch the queue whenever you’re ready. Simply get in touch with QLess and request a demo.