What trends are driving the next wave of innovation in consumer banking?
The global consumer banking industry is undergoing a significant transformation driven by several key trends. These trends reflect technological advancements, changing consumer expectations, regulatory developments, and the evolving competitive landscape. Some of the most significant trends currently shaping the industry:
These trends are collectively driving significant changes in the global consumer banking industry, influencing how banks operate, build products and interact with their customers.
The integration of artificial intelligence (AI) and machine learning (ML) is significantly transforming product development in global banking in several impactful ways. I can talk of 3 that figure high on my recall list:
Overall, AI and ML are driving a paradigm shift in global banking by enabling more efficient, secure, and customer-centric product development. Banks that leverage these technologies effectively are better positioned to innovate and compete in the rapidly evolving financial landscape.
Approaching the localisation of banking products to cater to different regional markets and regulatory environments involves a multifaceted strategy that addresses cultural, regulatory, technological, and customer preference differences. Here’s how to effectively localise banking products:
By focusing on these strategies, banks can effectively localise their products to meet the diverse needs of regional markets while navigating the complexities of varying regulatory environments. This approach not only enhances customer satisfaction and loyalty but also ensures compliance and operational efficiency across different regions.
Can’t wait to find out more? Upendra is ready to share with you his insights on “Understanding Today’s Ever-Changing Customer. Strategies to Enhance Relevance in Customers’ Lives”.
We are waiting for you at the 10th Annual Product Development Excellence in Banking MENA Summit, 8 – 9 October 2024, Dubai!
Upendra is a seasoned consumer banking professional with over 25 years of extensive experience across Asia and the Middle East. Throughout his illustrious career, he has adeptly navigated the complexities of consumer banking products, propositions, journeys, and partnerships.
Currently serving as the Head of Products for the International Banking Group at the National Bank of Kuwait, Upendra spearheads the consumer products strategy across NBK’s global footprint spanning multiple geographies in the Middle East, Africa, Asia and Europe. Prior to this, he worked at various large local and global institutions. His leadership ensures that NBK delivers consistent solutions and experiences to all its segments, across all markets.
Outside of his professional endeavours, Upendra is an avid sports enthusiast who enjoys following cricket, F1 and playing tennis. He also has a passion for traveling the world and has been residing in Dubai for the past 19 years with his wife, two children, and their furry cocker-spaniel.