At GFT, we envision exponential banking as the natural evolution of the digitalisation process all banks are to some extent undertaking in order to stay relevant to its customers.
Our approach to exponential banking is built around four pillars: augmented banking, open banking, cognitive banking and automation banking.
In this post, I’ll look more closely at the first of these pillars, augmented banking.
What is augmented banking?
Augmented banking involves leveraging exponential technologies – such as virtual, augmented and mixed reality, data visualisation, computer vision, artificial intelligence and biometrics – to enhance the relationship between the bank and its customers by delivering a richer experience through new services or new ways of interacting with traditional services. An example of augmented banking is the ability to use gestures to interact with a banking app.
Augmented banking solutions have been around for over a decade. It began with the launch of the solutions build around digital channels and digital architectures, which leveraged the opportunities offered by the internet and mobile devices. It further evolved with the arrival of digital solutions supported by an extended mobile ecosystem including wearables, smart TVs and other connected devices, and employing new technologies such as bluetooth, NFC and biometrics.
Today, we encounter augmented solutions that provide a fully immersive banking experience, offering hyperpersonalised services and new interaction ways completely integrated into the user’s digital life.
Empowering customers to make better financial decisions
Augmented banking offers the ability to create immersive and hyperpersonalised banking experiences that go way beyond today’s digital interactions. Combined with elements of other exponential banking pillars – such as open APIs, artificial intelligence and robotic process automation (RPA) – they make it possible to understand and even anticipate the financial needs of each individual customer. This enables banks to reinforce their role as truly trusted partners helping customers make the financial decisions that best suit their lifestyle.
Interested in knowing more about augmented banking?
I strongly recommend you to watch this video and to read our recently published Point of View on this topic. Both take a closer look at some illustrative augmented banking experiences build around two common life scenarios: the purchasing of a new home and the selling of one’s own car. Through these examples, you’ll be able to visualise how by pulling together a number of exponential technologies, banks are able to offer a completely new experience to customers.