Fri. Dec 8th, 2023

Digital wallets are not just a trend that banks can jump on, but a necessity in a market that is already oversaturated in some areas. In relation to this, Giesecke+Devrient has defined three formulas for entities to convert their digital wallets into customer-centric super wallets. And it is that, its adoption is growing and currently, globally, 53% of consumers use a mobile wallet. The level of use varies between 25% in Germany, 65% in Brazil and 88% in India1. “Many customers already use these and similar technologies in their daily lives and now expect their bank to do the same and provide them with an equivalent range of digital products and services compactly packaged in one app,” says Dr. Carsten Wengel, Head of of Sales & Distribution of the Cards & Digital Payment business of G+D.

Customer-centric super wallets

G+D and its strategic partner Netcetera have defined three formulas for banks to turn their digital wallets into customer-centric super wallets:

Meet the needs of target groups. Super wallets are not just limited to pure financial services, such as transactions, but fully cover all the needs of today’s lifestyle of a very diverse customer base, regardless of their age, technological proficiency or financial knowledge. Super wallets allow banks to offer a wide range of services to the variety of target customer groups: from traditional banking services and payment options for loans, investments, insurance and cryptocurrencies, as well as travel or even sustainability-related services. The banking solutions of the future meet the demands of customers who want to use digital solutions simply and quickly, thus improving the customer experience true to one motto: an app for all circumstances.

The move from digital wallets to customer-centric super wallets

Build a customer-centric ecosystem. The foundation of super wallets and integrated offerings that meet customer needs are strongly interconnected ecosystems. Banks must be at the center of these networks of partner organizations and complementary providers and act as a lead player, regardless of whether it is an ecosystem created by them or not. In this way, traditional retail banks can survive in the competitive financial services market and secure a strong position in the digital universe of their customers through genuine added value.
Offer a unique and personalized customer experience. Today, consumers expect their banks to address them in a way that is tailored to their needs and provide them with the corresponding services. However, the spectrum is wide: depending on personal preferences, it ranges from personalized shopping offers and notifications when a certain account balance is reached, to specific savings tips based on customer spending. For banks, having all this data at their disposal, the starting points are multiple. The challenge is to turn the treasure trove in data into actionable insights that can be turned into action, harness it automatically, and thereby provide added value to customers. The important thing here is not to ignore data protection under any circumstances. New solutions such as Privacy Enhancement Technology (PET) solve this point by working exclusively with anonymized and encrypted data. In this way, banks can offer personalized products and services without using personal information.

By Alvaro Rivers

Award-winning student. Incurable social media fanatic. Music scholar. Beer maven. Writer.