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Let’s get Digital in 2018

As customer behaviour changes, with new technology often driving the latest digital experiences for consumers, NAB’s Executive General Manager Digital & Innovation Jonathan Davey shares his thoughts on the new and emerging experiences that customers can expect to see in 2018.

 

AUDIO: Listen to Jonathan Davey talking about the customer experiences customers can expect in 2018 here.


 

Banking where you want it, when you want it

Davey says: “We live in a world that wants instant gratification. We want quick answers and problems that are solved immediately – we don’t want to be left waiting. Our lives are busier than ever before.

“NAB has 450,000 business customers and every year they call our contact centre, go into a branch or talk to their business banker around $275 million. But, chatbots embedded into digital channels are becoming more prevalent and people are becoming more comfortable using them to get the answers they need to simple questions.

“We’re also starting to see voice-activated hands free devices; they’re the latest addition to the chatbot family. Think Siri or Google Assistant and earlier this year NAB launched ‘Talk to NAB’ using Google Assistant which answers simple, everyday questions like “where’s my nearest ATM”. Amazon has also announced it is bringing its Alexa device to Australia next year.

“It won’t be long before we see these devices becoming common in every household and having the capability to provide consumers with the ability to perform more personalised tasks, like being able to tell you your bank account balances or transaction history and even paying bills or transferring funds at your voice command.

“In the future we could see this turning into an experience where you can buy products, like groceries or a new TV, all by speaking to your voice-activated device, while you’re sitting on your couch.”

 

Banking integrated into daily life

Davey says: “We’re starting to see banking combined as part of other digital services and I think this trend will accelerate in 2018. For example, this year NAB launched a partnership with realestate.com.au, combining property search with the home loan process to eliminate stress for home buyers by creating a ‘one-stop-shop’. This is giving buyers confidence – they know that when they turn-up to an auction at the home of their dreams they have approval for finance.

“For small businesses, too, we’re seeing the merging of banking with accounting software to provide customers with the information they require, in the digital channel that they want to use whether that’s mobile or desktop. Technology is evolving and small business owners are busier than ever before. I think we’ll start to see banks wrap together a wider range of the services and information for small businesses in the one place to help reduce their administrative burden. We know how precious time is for small business owners.

“Further into the future, as artificial intelligence becomes more commonplace and companies get smarter with the way they use and share data, we can expect to see the integration of banking product and service experiences; for example being able to finance a new car on the spot when while you’re at the dealership. This digital ecosystem will better connect banks to other service providers like telecommunications companies or insurers, removing physical paperwork and waiting time. Banking will become more and more tailored for every individual.

“Eventually, artificial intelligence will become so advanced that consumers, banks and other third party service providers will need to balance the convenience of these experiences with data privacy. Customers will need to determine how much data they really want to share.”

 

Payments as part of the process

Davey says: “Think about Uber – you pay for your Uber at the end of a trip without even really thinking about it. These sorts of experiences, where the payment of goods or services is processed in the ether, will become more common. Late this year we launched HICAPS Go, a mobile app that consumers can use to find and book an Allied Health practitioner, get an upfront quote for their consultation and process the payment – all via their mobile phone. It’s been dubbed ‘Uber for healthcare’ and has been very popular with users.

“We’re seeing companies like Amazon develop technology that allows you to walk into a store, choose your goods and walk out of the store without having to go to a cashier. Experiences like this, where the payment part of a service is separated from the physical moment, will continue to increase as part of our everyday lives.

“The future will be a place where the need to see a receptionist or checkout is gone as we move towards a cashless society.

“Fast payments will gain more traction early in 2018 with the launch of Australia’s New Payments Platform, and also Beem, a mobile app which will facilitate instant money transfers for users.”

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NAB EGM Digital & Innovation Jonathan Davey

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