The impact of the digital paradigm on the banking industry: from a user experience perspective

Abstract

This research has succeeded in identifying probable dominant designs that Banks should embark on in order to compete and win in a Digital era. A one step authentication mechanism(biometric), customer centricity and customer analytics adhering to the customer first philosophy, digital cheque payments and complete digitalization ensuring there is no necessity for customers to come to the physical branch, social media integration and wallets assuming there is a unified payments interface. All these can help the banks to sustain in an age of digitalization. Also few new age banks have been researched and studied to understand their business model, appreciate their differences with traditional banking practices and analyze their unique offerings. The banks include D3 Banking, Simple and Moven, Fidor Bank, First Direct and currency cloud.