The fintech market is projected to hit $460 billion by 2025, thanks to mobile banking’s digital adoption for payments and other bank apps. Europe is expected to have the fastest growth with 11.67% CAGR in the next five years. This explosive worldwide growth leverages banking institutions’ possibilities to offer third-party marketplace services and products as part of a bundled portfolio to meet customer preferences.
Retail banking industry experts believe when banks want to know how to build an online banking website, they will learn the value of using guided journeys. Guided journeys guide specific customer personas through predefined paths to help them find what they need online. These combined methodologies provide the consumer banking industry a more in-depth way to form relationships, increase brand loyalty, and ultimately create more conversions earning the trust of digitally-driven yet wary consumers.
Deutsche Bank, one of the world’s leading financial service providers based in Frankfurt, Germany, wanted to capitalize on fintech trends to deliver a new way to serve banking clients in a personalized and innovative manner. The bank is known for connecting business across borders and likes to engage with companies, investors, savers, and borrowers, generation after generation. One innovation the bank delivered using Salesforce retail banking features was connecting the next generation of entrepreneurs and investors through a mobile app-based community, using proven technology to position itself as a trusted partner. This mobile community enables the bank to promote events, encourage engagement, and identify peers with similar interests, creating value around their brand.
Research shows that retail banking winners are those organizations that rethink their role and relevance to customers and adapt to a retail banking digital transformation, increasing customers’ trust to serve as a lifelong financial advisor.