The Future of Banking

Introduction

Digitalization has changed the business life and everyday life of humans. There are some apps that change the way we live, we think and we act. Some apps reshape the world and change customer expectations. In the past, products were at the center of the process, but now user experience is the most important factor that companies measure. 

User experience (UX) design is the process of creating products that provide meaningful and relevant experiences to users. 

 User Interface (UI) Design focuses on anticipating what users might need to do and ensuring that the interface has elements that are easy to access, understand, and use to facilitate those actions. 

In a world that changes quickly with advanced technology, catching up the user expectation is an important part of doing business. UI and UX are important parts of customer's journey through an application. Most companies focus on these factors to improve the process.

Today's most used applications, such as Uber, Airbnb, have a simple formula. They're being the intermediate of a gig economy. They provide the supply and the demand to meet. As a result of that, customers are used to doing transactions within seconds. More importantly, this became their everyday fact. Thus, the gap between our everyday reality and what banks offering us get bigger. Some tech companies and startups (From now on, I will call them FinTechs.) seize the opportunity and try to benefit from that gap. In China, 98% of mobile payments go through two tech platforms: Alipay & WeChat, no through traditional banks. 

The popular concepts of today, such as Blockchain, Artificial Intelligence, Big Data, Internet of Things have changed the world, and therefore the financial services.

The Future of Banking

How will the technology firms and startups reshape the world? How will the technological developments change the banking sector? *wait for the next post*

Emel
Jan 2019