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2020 predictions - 5 min read

There we have it folks, 2019 is behind us and 2020 has started. It seems like yesterday I was drafting my 2019 predictions! So how did I do? I got 3 out of 5, clearly don’t come to me for lottery numbers! In 2019 we saw big movements on the evolution of the ecosystem, the human touch and digital identity,  The other 2 predictions SME gold rush and AI have been a slower burn than expected.

So here are my 2020 predictions!

1) Digital Identity and Authentication 

In terms of service, the digital world has overtaken the physical world, hyper connected customers expect first class customer experience from the comfort of their own homes. I believe digital identity and authentication will be critical in delivering magical customer experiences throughout 2020. It doesn’t matter how well thought out customer journeys have been, if identity and authentication has not been considered the experience will be ruined. I recently flew out of San Francisco and for every event there was a check of identity and authentication. First at the checking gate, then at security, then at boarding gate. Each time I had to show my passport and boarding pass. It’s worth bearing in mind these are active checks you see, there are plenty of checks being conducted passively throughout your journey onto the plane. Digital identity and authentication can be thought about in a similar way. It is the front door and the checks throughout the customer journey checking you are who you say you are with a blend of passive and active checks. Imagine a world where customers can keep their accounts safe from naughty people and verify themselves without the need to remember complicated passwords, their schools teachers shoe size or the name of the first pet gold fish. Customers will be able to access their accounts and verify themselves safely with a combination of their device, location, a swipe and their biometrics. As I wrote last year organisations will grapple to balancing customer experience and friction of security. Having a dynamics solution that can adapt the customer journey based on inputs will give the best opportunity for organisations to keep naughty people out and not subject customers to pain. Full disclaimer, I have recently joined a digital identity and authentication company and its going to be an exciting and busy 2020.

2) Hyper Personalisation

You will hear this word a lot this year, let me know how many times you hear this word in a month. What does hyper personalisation mean? We have all received some level of personalisation when organisations put us into segments, and offer us services we might need. They might even let you change the colour of the app Icon and say happy birthday when you login. Hyper personalisation takes it one step further. It is a one to one service. It is the superglue of loyalty where organisations have deep knowledge of you so that they are able to offer you things you need, haven’t asked for but cant live without. Hyper personalisation has a wide range from small things like your preferred pillow type being in your room when they check into a hotel (yes preferred pillow type is a thing!). To offering you an unique service that is hyper personalised to you. Image buying a house where your mortgage provider sends you a Deliveroo of vegan food excluding your allergens on your first night so you don’t have to cook! The foundation of hyper personalistion is based on data, data which gives organisations knowledge that then leads to wisdom. Getting this wisdom right will ensure customers are loyal, are sticky to the service and defend against the competition. Getting it wrong knowing too much or not asking permission will mean customers feel creeped out and head for the exit. 

3) Ecosystem Maturity 

What is a ecosystem? Is it a mythical unicorn or something tangible and real? The term ecosystem was first used in 1935 by Arthur Tansley an English botanist who was a pioneer in ecology. The ecosystem is defined by the network interaction between organisms and their environment. They are controlled by external and internal factors and subject to disruption such as a non native species that can cause substantial shift in the ecosystem. The same can be said for ecosystems of services, a network interaction between organisations and their environment, they are also controlled by external and internal factors and can be distributed. I will write more about this in a later post. Ecosystems have been a slow burn as well mainly due to delays of open banking and organisations getting their API platforms into production. This year ecosystems will mature and organisations will offer services through other, connecting customers to services through an network of organisations using APIs.

Conclusion 

As Yoda once said, “Difficult to see. Always in motion is the future”. So no one really knows what’s going to happen either way the new decade is going to be exciting and with infinite potential! Technology will shift at hyper speed, organisations will morph to fit one or many  ecosystems and customers will benefit from exciting new hyper personalised services. Thanks for reading, enjoy the 2020 and the start of the next decade! 

Bhavesh Vaghela

Digital Craftsman

My views are my own, delightfully dyslexic so please forgive the typos!

 

 

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Bhavesh Vaghela

Bhavesh Vaghela

Senior Product Manager

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Digital Banking Trends

Digital Banking trends and Industry Intelligence for Bankers, Fintechs, and Solutions Providers


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