Technological solutions that embrace the needs of the customer; that reshape the payments, financing, and banking structure; and that embed speed, service and real-time visibility into transactions and engagements – these are the innovations that sit at the very edge of the digital transformation frontier. These are the steps financial services organisations take as they seek out new ways of connecting with customers, building market share and building stable foundations that are capable of withstanding the aftershocks of global uncertainty.

Digital innovation has become the de facto step taken by companies that want to thrive. This is reflected by a growing evolution in digital services and investments. A recent KPMG report entitled ‘Accelerating digital finance’ found that the customers of 2023 are likely to be far more demanding when it comes to personalisation, frictionless transactions, and protection of their data. It’s an interesting shift that is already playing out – Amazon’s Banking Trends 2022 highlights how customers want frictionless and instant access to banking solutions, while Accenture underscores the importance of understanding the ever-changing customer.

So, what does this mean? It means that technologies such as artificial intelligence (AI) and automation will very likely pick up the weight of the admin and enhance the organisation’s ability to develop micro services that are curated to meet specific customer demographics and expectations. In a recent article from Science Direct Research in International Business and Finance, the authors state that AI is rapidly evolving to become a key selling point for financial institutions as it allows for improvements across reputation, trust and capability. It also supports one of the key challenges faced by financial institutions today – cybersecurity. AI is invaluable in lifting the digital load and helping financial institutions to create frictionless experiences for their customers while protecting critical assets and embedding trust across customers and stakeholders.

Personalisation is also, of course, a critical factor when it comes to digital innovation within this sector. A recent study released by Genesys on the challenge of customer-centric banking found that financial institutions that are capable of delivering high-end customer experiences are also more likely to attract new customers, achieve their strategic objectives and hold on to their talent.

Personalisation is more than a nice idea – it’s critical to ensuring that customers remain engaged and connected to the financial institutions they choose. The Genesys report also found that 61% of banking executives felt that customer expectations are rising and 45% said that they are struggling to keep up with them. But keep up they must, because customers are increasingly rejecting generic products and solutions that don’t reflect their identity or their needs.

Nedbank believes that there are three key steps for ensuring that the financial institutions can leverage digital and accelerate innovation. The first is to focus on digital services that are designed to support everyday activities but that are also supported by people-centric engagements and touchpoints. This means taking personalisation beyond technology-powered connections and capabilities and ensuring that there is always a human element ready to step in and nurture the customer at points of frustration, and at times when there is room to nurture their potential. Here, digital innovation needs to be paired with a personalised, flexible and proactive approach that combines digital services with hands-on expertise.

Secondly, financial institutions need to provide customers with access to relationship bankers, specialists and customer service desks that are agile enough to meet customers where they are today and take them where they need to be tomorrow. It’s the evolution of digital from a functional toolkit that enhances the bank’s innate capabilities towards a sophisticated ecosystem that allows for more complex client-level decision-making. Digital when you want it, human when you need it, and innovative where it should be: at the center of the business.

This sits at the core of Nedbank Private Clients and our commitment to enabling financial aspirations within an ecosystem that is powered by digital and empowered by people. We believe that banking should be a complete experience, providing people with a dedicated relationship banker, preferential rates and support for careers and personal growth, as well as giving them access to relevant wealth solutions. With Nedbank you gain access to a personal success toolkit that’s driven by digital and innovation as well as a desire to ensure that people thrive in their careers and financial lives.

For more information on our specialised services and solutions, as well as tailored prices, contact us at [email protected].