The world of digital banking is evolving rapidly. Omnio CEO, Adrian Cannon, reviews 2019 and looks ahead to 2020 and beyond.

For the past two decades, banks have been working to personalise their offering, surrounding their core platforms with peripheral systems that deliver other financial products. The idea has been to provide a humanised view of customers’ interaction with their banks. But it isn’t that simple – the approach has been limited by the underlying bank ledger, and therefore unable to address the complexity of a customer’s life.

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2019 showed us how other businesses have approached the issue from a different angle – cue the Non-Bank. As retail bank branches have continued to close, Amazon, Apple, Uber Money and others have understood that by being hyper-relevant at multiple moments in their customer’s everyday lives that they can reinforce their brand value and become an embedded and trusted partner.

The key word here is data. Forget using a limited, ledger-like perspective – carefully and cleverly utilising data around customers’ habits and preferences allows non-banks to place their customer at the heart of many holistic, tailored services that can be delivered by them or by third parties.

Growth in non-banks

2020 and the decades beyond will see the non-bank grow stronger. Modern platforms, designed to service the broad spectrum of a customer’s needs, will become combined with the ability to deliver low cost, compliant financial services, including payments.

Non-banking players are set to increasingly extend their product set into the financial services sector, challenging the big banks to raise their game quickly. Provided these long-time banking giants can change their legacy platforms quickly enough and have the ambition to do so, they may be able to respond in time.

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Along with more hyper-personalised services, this digital evolution will potentially have another benefit too – namely gradually increasing financial inclusion. With services offered via mobile apps, digital financial services can deliver an alternative option for today’s ‘unbanked’ population compared to traditional high street banks, by offering a tailored ‘bank in your pocket’ that understand its user’s requirements and limits.

Whether via well-known incumbents, disruptors in the fintech space, or both – the future of banking therefore is set to provide secure and fast responses to customers’ needs.

This, in an increasingly digital society, can surely only be a good thing.