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NCR recently surveyed over 1,000 UK adults, aged 16 and above, to gather their thoughts on the future of banking. Some of the findings are pivotal in understanding how banking will change in the UK in 2018 – with trends like AI, PSD2 and consumer trust shaping the transformation.

  • Banking will transform to take on a personalised, responsive role in our lives

Self-service 24-hour ATMS, online banking, and video conferencing will continue to transform the way we bank. As a result, banks will be looking to offer new banking services for a digital age to meet growing demand for new innovations, with customers happy with their banks: helping them keep track of their spending (66%), offering loyalty programmes and reward schemes with retailers (75%), and reminding them about upcoming important recurring events like family birthdays or anniversaries (55%).

  • Traditional banks are far from becoming obsolete, as many customers opt for reliable online banking from traditional providers over fresh and new fintechs

For nearly half of the population, whether a bank offers online banking is their top concern (44%), while selecting a neo-bank is low on consumer’s list of priorities. Reputation also remains highly important, with 35% of respondents rating it as a top three consideration. In contrast, over half (51%) decided that a bank being fresh and new was their least important criteria.

  • Banks will be more transparent about how they are using customer data, as PSD2 opens up the potential for new third-party services

The appetite for data-driven service is strong, but consumers still have a lack of trust in their financial institutions. Banks will need to address these concerns to deliver the services consumers really want. At the moment, just short of half (47%) of consumers feel that banks should collect and use only the bare minimum of data. However, at the same time, almost a third (29%) of consumers want to bank using a digital assistant like Alexa or Siri, which will make third party integration and data sharing crucial.

  • Telephone banking will become irrelevant, and banks will offer smarter, mobile-based, solutions far more advanced than currently available apps

Banking on the telephone is by far the least popular form of banking, with 86% never, or only once annually, using this service. Comparatively, nearly a third (30%) of the population bank from their tablet or mobile phone every single day, either online or via an app.

  • Banks will be making use of new mobile-based technologies to interact with their customers – in particular biometrics and social media

Biometrics – and in particular fingerprint and iris recognition technology – are one of the most in-demand new technologies with nearly three quarters (73%) of UK consumers either already using the technology, or keen to use it in future. At the same time, there is great curiosity about the different ways banks could interact with their customers, with a quarter (26%) of consumers either currently using, or interested in using a chatbot on social media to talk to their bank.

Technology is changing customers’ expectations faster than ever before. In 2018, and beyond, banks of all sizes will need to step up to meet their customer’s expectations by seizing the opportunities that technology and regulatory changes like AI and PSD2 are bringing. This will be imperative to stand out in a highly competitive space, and prove to customers that they are capable of delivering the level of customer experience that today’s consumers expect.