Contextual behaviour-driven strategy: Digital banking beyond internet and mobile applications

Abstract

We are witnessing an era of rapid behavioural changes and demanding expectations among clients. Society is developing different lifestyles and habits with trends in contact-free conversational voice control, simplified decision journey, real-time fee-free services and seamless digital experience. The COVID-19 pandemic has further accelerated such behavioural model switches. The time has come to transition away from simply internet and mobile applications. With such fundamental changes, client-centric strategies focused on historical data and incremental changes will no longer apply. Projecting client behaviours based on their underlying needs in context is critical. Clients desire no paperwork, no waits, no fees, no fuss with mobility. Strategy driven by contextual client behaviours shall be shaped to create a cohesive and consistent experience across personal relationships, digital media and AI automated services. This strategy should apply the partition idea behind 2-D puzzles that can be easily turned into 3-D Legos or any forms. Here, technology and the digital media are only a pathway towards connecting clients and their financial providers. This paper discusses the huge potential for banking to integrate financial decisions into clients’ lifestyles and fulfil their needs and to plan new behavioural guidance ahead to realise the compounding value in the long run.