In the last few years, the effects of Gen C (generation C) have begun to be felt more clearly in all sectors. The purchasing expectations of this generation which was born into this digitalworld is higher than ever. They make clear choices and that they keep away from brands that can not understand their digital footprints and their special needs.
The Gen C who were born after 1994 and later, have nowadays compeleted their education, making their living financially and making their investments. This addresses an important change for many institutions starting with banking industry.
When we look at the banking industry, we see that there is clear focus in digitalisation in Turkish banks also expanded to abroad. On one side we are exposed to campaigns on credit cards and welcome interest rates, but the main message owns digital theme. In 2016, the communication was around mobile banking, starting in 2017 converted into not just mobile but multi channel digitalisation including mobile.
We can say that banking has finally converting into a complete digital customer focus. An incredible customer data has evolved through the 2 highly regulated sectors in Turkey, namely telecom and banking. Although this data has not yet translated into true customer benefit, it is exciting to see every step taken in this kind of digitalization.
So, how deep or shallow is “digitalization” when it touches communication and customer? In other words, is banking ready for Gen C?
We need to acknowledge the fact that customers see using banking services through apps and their high tech phones not a privilege but a necessity. From this perspective, digitalization in banking in daily use allows common, easy, less human dependent use. We can clearly say that this is the right path as a channel strategy.
On the other hand, beyond 2018, banking sector needs to take a critical leap to follow the transformation in all channels they interact with customers; a service understanding which thinks for the customer like the customer. We are talking about an understanding rather than saying to Siri “send 100TL to my son” to hearing “today is your son’s credit card due date, you should send money”. We are talking about an evolution in banking to foresee the change in foreign currency, and say “you can increase you month-end savings by 14% if you invest 40% of your portfolio in derivatives” rather than sending an automatic renewal message on the deposit maturity date. A personalized banking service approach that goes further and follows your regular shopping habits and recognizes an important situation for us in our social media exchanges, which says "Your perfume is almost finished, I can order online with 4 additional installments on credit card".
Of course, all of these services were not steps that could be taken without the improvements we had in 2017 on the user fronts and channels. That's why 2018 is exactly the right time to look at it from this angle. We know that the banking sector is working very long in this and many other strategic approaches.
Are the technological developments in the sector sufficient for strategic plans to be realised?
Many banks in the sector have their own powerful technology companies, and re engaging in different business partnerships where they have gaps in expertise. It is also true that these technology companies are working primarily to ensure that standard banking services operate perfectly at the highest level. A fairly accurate approach when considering sectoral requirements and regulations.
On the other hand, after 2018 it is certain that the artificial intelligence will be at the center of the next 10 years of banking all over the world; a technological advancement in banking which will enable to think for the customer like the customer.
Although it seems that an integrated and transformed institutional structure is sufficient for a customer-focused banking, it is a period in which the layer of artificial intelligence is not included. The medium-long-term sustainability does not seem possible either. It is not an exaggerated or wrong approach to express the use of AI in every field from decision support systems to business forms, from financial models to operational processes to banking
Artificial intelligence is an adventure that only a very few technology providers can achieve, such as natural language processing and sentiment analysis, in the process, to pass through challenging stages such as forecasting analysis, and to experience positive experiences in the real world. So many international technology providers can not show enough success in emotion analysis on any other level than in English.
Artificial intelligence alone is not a technology that can trigger almost any action. It is essential that an active AI support is able to run in full compliance with the existing systems, and that additional systems, if necessary, should be included in the AI-focused IT architecture.
The true artificial intelligence structure for the banking sector in Turkey is capable of providing the Turkish language and sentimental support, all of which can be easily integrated into existing banking system and reveal the truth to be done with a technology partner that can provide additional structure. We believe that in 2018, we will have a few exciting services on AI-assisted customer decision.
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