According to 2021 research by Ipsos-Forbes, 76 per cent of Americans say they used their bank’s app in the last year for banking tasks such as depositing a check or viewing account balances.īut today’s apps do much more than providing an alternative to these ‘everyday’ banking services. The speed with which the mobile app has displaced the physical branch has been remarkable. Across its history, customers have always gravitated to self-service innovation – a process that started with ATMs and is now evident in the rise of mobile banking and chat bots. “I want it all! I want it now!”īanking is a good example of an industry that has met these needs.

It brings to mind another song lyric, this time from Queen.

Today, the desire for immediately delivered services is just as strong as the demand for self-service. Any time that consumers are given the opportunity to take back a little control, they take it. The Godfather of Soul was expressing – in his inimitable way – the human desire for autonomy. James Brown sang: ‘I don't want nobody to give me nothing. Digital innovation starts a new age of self-service Let’s dive into seven of the biggest trends we can look forward to. In fact, it’s even re-framing what a bank is. Today, technological innovation is re-defining how banks operate and the services they offer to customers. The current pace of change, however, is at another level. From bank notes to cheque books to credit and debit cards, the banking sector’s big ideas have reverberated across the world. It’s just the start.īanking might seem like a traditional industry. The financial services industry has committed itself to digital innovation over the last 10 years.

Bank it or bust idea