Evolution in banking operations: From transactions to personal relationships

Abstract

The ability of banks to achieve a high rate of customer retention is caused by redefining business objectives and strategic choice that foreground efficient and effective creation and delivery of value to target consumers. The combination of data and advanced analytics enable financial institutions to build personalized relationships that could be stronger than ever before. Digital technology should make financial operations simpler, financial institutions more efficient, which will truly make customers lives easier. The subject of the research is to define the challenges banks will encounter in their future operations, which is to build self-aware digital systems, which should be centered around the customers and their needs, which is represented in the first part of the paper. The aim is to highlight the priorities and trends in marketing in banking that banks should not ignore in future operations, as shown in the second part of the paper. Followed by concluding observations.

Keywords

• bank
• digitization
• personalization
• customer satisfaction