The future of banking is one that creates an ecosystem of interconnected services and allows customers to simplify their daily lives by fulfilling a variety of needs in a single, integrated space. The combination of advanced data analytics, open banking APIs and conversational artificial intelligence can create a differentiated experience that can improve customer satisfaction, increase loyalty and generate revenues. Such experiences are already beginning to emerge in countries like Poland, China and Sweden. And even countries with heavier-handed regulations like the U.S. and the U.K. are starting to see elements of these ecosystems appear, being pushed by the proactive needs-driven solutions offered by non-financial organizations such as Google, Amazon, Facebook and Apple.
Advanced analytics and digital technology advancements (including open APIs, artificial intelligence, voice-based digital assistants and even the Internet of Things) will only further push greater connections and the development of increasingly larger and more complex relationships between everything. As technology develops, so too will consumer demands for convenience and efficiency.