How a digital customer experience can help banks thrive in today's digital world

European banks struggle to compete with the customer experience created by tech companies, whose design prowess and agility threaten to eat up the banks’ market share. This deterioration may continue, as 25% of European banking users are considering changing to a digital-only bank over the next year, according to data by MasterCard. To counteract this, banks can focus on specific features in the customer experience and leverage their assets. One central element of the customer experience is payments. When customers have various payment choices ranging from Stripe to Paypal to AliPay, banks can make life easier for consumers by integrating all payment choices into their tech stack. With eCommerce contributing to more transaction volume, helping merchants move consumers down the purchase funnel to increase conversions is another place where banks can focus. And, the usage of QR codes as a way for European banks to enable a frictionless customer experience. The European Commission has a committed interest in creating its own QR code standard, which will make it easier for banks to create their own QR code solutions.

Identity management may be the most critical element of the digital experience, and it may need to be re-thought entirely by replacing identity management with rights management. In this area, banks may be the industry which can add new value to the marketplace by becoming not only a money bank but an identity bank – the point of trust.

With so many opportunities to evolve their customer experience, how can banks determine where to focus first and compete with tech companies in the future? Watch this webinar to find out more about:

• How to approach payment integrations
• How banks can add value to the customer experience by increasing purchase conversions
• Why to consider rights management vs identity management as a value add
• How to integrate new technologies into the customer experience