Digital transformation is changing every industry, and unsurprisingly, banking is at the forefront of this trend. Banks need to improve the customer experience, increase operational efficiency and respond faster to changing business environments.
The first key trend is mobile: mobile is not just a form factor, it is a different experience. This holds especially true in India, which has 77% of urban users and 92% of rural users who consider mobile as the primary device for accessing the Internet, largely driven by availability and affordability of smartphones.
Mobile financial services are becoming more context-aware and going beyond replacing the basics you can do on a web site. While the mobile, financial services customer experience has been cumbersome and time-consuming with passwords, codes and security questions, advances in context-aware computing will enable the mobile customer experience to be on par with other mobile experiences. Budding context-enriched services are predicted to use situational and environmental information about the user’s presence, social attributes, location, etc. to foresee end users’ immediate requirements. Rising demand to augment productivity and collaboration is likely to propel context aware computing market share over the next seven years.