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Challenger Banks and Tailored Banking Experiences

The Fintech Times – by Polly Jean Harrison

A recent Deloitte report outlined that hyper-personalization is “an imperative for banks”, allowing them to respond to customer needs, as well as differentiating their brand, boosting revenues and helping to improve financial inclusion. The pandemic has certainly helped this along, as the last 12 months have seen banking change completely as people are requiring personalized digital interactions.

Panos Archondakis, Senior Director of Wealth Management at Epam Systems, Inc., is a firm believer in tailored banking solutions leading the way in the finance industry.

He said: “Banking is heading to a ubiquitous future where devices, services, data and technology connect to create new digital experiences centered around the customer. According to a recent EPAM Continuum Consumer Banking report, 40 percent of 18-to-44-year-olds are open to innovation, revealing an opportunity to integrate banking services with customers’ go-to channels. The report also showed that despite recent innovations in financial services, behavioral drivers of banking customers remain largely unchanged. This highlights the need for banks to take a multi-channel approach that brings banking to their customers’ personal digital ecosystem – not the other way around.”

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