11 PwC Global FinTech Report The move towards virtual banking solutions is being driven, in Figure „: Tren s in the un transer an paments in ustr rane b importance an lielihoo to respon large part, by consumer expectations. While some segments still prefer human interactions in certain parts of the process, a How important are these trends for your industry and how likely are you to respond to them? viable digital approach is now mandatory for lenders wishing (e.g. allocate resources, invest) to compete across all consumer segments.2 Online banks rely on transparency, service quality and unlimited global access to The size of the bubbles is proportional to the number of related FinTech companies as assessed by the DeNovo platform attract Millennials, who are willing to access multiple service channels. In addition, new players in the banking market offer e 1 Advanced tools and technology to protect consumers from identity theft fraudulent ease of use in product design and prioritise 24/7 customer ‘or transactions and account falsification service, often provided through non-traditional methods such as 2 Increased push for faster payments social media. 1 ‰ise of digital wallet adoption ‰ise of net generation pointofsale solutions So what? – Put the customer at the centre Šroliferation of international…crossborder transfer platforms of operations † 2 € Alternative retailpayment networks and fundtransfer solutions € Traditional banks may already have many of the streamlined ƒ „ ƒ Increased adoption of contactless technology for digital wallets and digital/mobile-first capabilities, but they should look to „ Simplification of onlinecheckout eperience integrate their multiple digital channels into an omni-channel importance 1ˆ † ‰ise of peertopeer payment solutions customer experience and leverage their existing customer 1ˆ Increased valueadded merchant service offerings of relationships and scale. Banks can organise around customers, 11 11 ‡lockchain rather than a single product or channel, and refine their “e€e approach to provide holistic solutions by tailoring their offerings to customer expectations. These efforts can also be supported by using newfound digital channels to collect data from customers to help them better predict their needs, offer compelling value propositions, and generate new revenue streams. “ess 2.2 Fund transfer and payments “ess ‘ore priorities are security and “iˆeihood to respond to the trend increased ease of payment Source: ‚ƒ …oa FinTech Sur€ey 21† and eo€o – see in Appendi the definitions of the ao€e™mentioned trends„ Our survey shows that the major trends for fund transfer and payments companies are related to both increased ease and security of payments (see Figure 7). 2 ‚ƒ‹ onsumer ending: understanding today’s empoƒered orroƒers‹ 215
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