What is the most significant technology trend in banking? For Andrew McKibben, Head of International Technology and Operations at Bank of America, “client experience is the driving force behind investment and technological advances at our bank”.
In an interview for The Banker with Joy Macknight, editor of the prestigious business publication, Andrew McKibben argues that “in creating and developing a technology strategy, the important thing is to look through a client lens so that they can do what they need to do, every single day”.
And what should this new customer-centric client experience be like? “The new client experience is based on proactivity, i.e. customer problems should be solved before they occur, and avoiding at all costs that the customer finds themselves needing to contact the bank for a solution,” explains Juliana Ortiz, Customer Success Manager at Latinia.
To guarantee this capability, banks have been investing in technology and implementing new ways of interacting with their clients for years, focusing on the potential of digital channels. “Banks must put technology at the service of their customers and emotionally reconnect with them, offering services that truly respond to their expectations in real-time, and are based on their needs and interests,” explains Juliana Ortiz of Latinia. “Our products are part of our clients’ strategic technology plans precisely because they improve their users’ experience by centralising all bank notification processes, anticipating customer problems,” she concludes.
What will be top of mind tech trends for customers?
For Andrew McKibben, the future of banking technology is the client experience, and must be based on three priorities: stability, resilience and data management security.
“Clients want new capabilities, of course, and they should expect that, but in my discussions with clients, what they look for a banking partner is also stability, resilience and data security”, affirms McKibben. “These priorities are foundational of what you deliver as a bank, and represent a clear strategic advantage for companies that are able to do that”, adds this executive from Bank of America. “Client experience is increasingly a significant part of their experience of a company, clients are becoming more digitally native, so they are growing up with technology, and they expect much more personalised technology experience”, he concludes.