{"id":4772,"date":"2022-11-03T11:47:14","date_gmt":"2022-11-03T11:47:14","guid":{"rendered":"https:\/\/insights.codewave.com\/?p=4772"},"modified":"2022-11-03T15:37:43","modified_gmt":"2022-11-03T15:37:43","slug":"banking-finance-trends","status":"publish","type":"post","link":"https:\/\/codewave.com\/insights\/banking-finance-trends\/","title":{"rendered":"Top 5 Banking & Finance Trends – 2023"},"content":{"rendered":"\n

The banking & financial services industry is going through a period of radical change. The objective of this article is to share our observations on the Top 5 trending ideas that are revolutionizing this industry.<\/p>\n\n\n\n

Trend #1: Neobanking<\/h2>\n\n\n\n
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Neobank Global Trends<\/figcaption><\/figure>\n\n\n\n

What is a Neobank<\/span>?<\/strong><\/h3>\n\n\n\n

In simple terms – A Neobank is a safe, super-fast online bank with \u201cno physical branches\u201d, that offers financial services & products similar to a traditional bank. <\/p>\n\n\n\n

While we see many sprouting Neobanks, here are a few well-known ones across the globe: Razorpay X, Niyo, Jupiter, Open, Monzo, Revolut, AfterPay, ZipMoney, Judo, Xinja, VoltBank, Prospa. <\/p>\n\n\n\n

In India, RBI has not yet allowed a bank to operate entirely online without a physical branch – therefore mandated Neobanks to be associated with a traditional Bank.<\/p>\n\n\n\n

Below is a screenshot of Jupiter\u2019s mobile app that allows you to easily manage multiple accounts, your spends & savings, all in one place.<\/p>\n\n\n\n

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Jupiter<\/figcaption><\/figure>\n\n\n\n

Another Neobank called Fi, allows you to sync multiple bank accounts in one app. Fi seems to have interestingly gamified \u201csaving\u201d, by nudging you to save Rs 10, every time you order from Swiggy or pushing you to save Rs 100, every time Kohli hits a 6.<\/p>\n\n\n\n

On Fi, you can also search for what you spent, by saying:<\/p>\n\n\n\n

\u201cHow much did I spend last month on Amazon?\u201d<\/em><\/p>\n\n\n\n

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Fi<\/figcaption><\/figure>\n\n\n\n

What makes the experience of Fi & Jupiter, different from the experience traditional banks offer?<\/p>\n\n\n\n

Simple.<\/p>\n\n\n\n

NEOBANKS ARE DESIGNED FOR <\/strong> HOW PEOPLE USE MONEY, INSTEAD OF HOW BANKS RUN.<\/strong><\/p><\/blockquote>\n\n\n\n

Shifting from a \u201cBank-centric\u201d approach to a \u201cConsumer-centric\u201d approach is the key to creating awesome Neobank CX for people, especially digital natives – who are glued to their phones, for their daily needs. <\/p>\n\n\n\n

It’s also important to consider people of various generations, observe their daily digital behaviors & understand different accessibility needs, before designing experiences for them.<\/p>\n\n\n\n

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User Persona<\/figcaption><\/figure>\n\n\n\n

There are 3 most important aspects of a Neobank\u2019s customer experience<\/span> design. And those are: <\/p>\n\n\n\n

1) SPEED <\/p>\n\n\n\n

2) CONVENIENCE <\/p>\n\n\n\n

3) SECURITY<\/p>\n\n\n\n

CX Aspect #1: SPEED<\/strong><\/h3>\n\n\n\n