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Contextual behaviour-driven strategy: Digital banking beyond internet and mobile applications
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.
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Lily Li is a thought leader and champion on innovation in financial services industry and has ten years of rich experience in banking, management consulting, start-up partnership and investing. As Citi Private Bank Innovation lead, she plays an important role in bringing in emerging technologies and use cases, transforming business models and managing innovation globally end to end from ideation to production. Prior to Citi, her career was in consulting at Publicis.Sapient through which she has successfully transformed digital strategy and execution, organisational operating models and front-to-back office processes in sell-side and buy-side financial institutions. She is a regular panellist and speaker at conferences on digital banking, customer experience, venture investing, artificial intelligence and data. Very recently, her team had launched global communication products improving client experience and engagement. Lily holds a master’s degree from Columbia University and a bachelor’s honours degree from University of Rochester. She has solid domains in finance, advisory, investment and data-informed analysis for institutions and cross-border business.