The digital-first world is driving a convergence of financial and communication services. Many banks and telcos form partnerships to both further and take advantage of that convergence. The trend is part of a larger digital convergence of services across industries that’s being fueled by consumer choice. Why? People find it convenient to access multiple services and products from a single trusted source. Businesses become that single trusted source faster through cross-industry collaboration and partnership.
In this article, I will focus on how banks can ride the convergence wave to become customers’ first option for all things financial and more. The goal is to become central to every aspect of a customer’s financial – not just banking – life by expanding beyond banking and uniting every aspect of personal finance. With the help of partners, such as telcos, banks empower customers to spend less, enjoy their income more, and achieve financial goals.
Your bank becomes the go-to resource that consumers choose – by helping them make better, more informed choices. How? Blend convenience with end-to-end visibility, appealing deals, and – most crucially – objective insight into customers’ unique needs and goals. That takes the form of a financial choice hub where people exercise control over every aspect of their financial decisions. The financial choice hub centralises accounts, credit products, insurance, investments, budgeting, and more. With generative artificial intelligence (GenAI) and Agentic AI enhancing the hub experience, consumers engage with and manage their money in new ways.
At first glance, the financial choice hub may sound like a digital banking experience with aggregation tools. However, the hub delivers much more than account visibility and aggregation. Think of it as a finance-focused superapp enhanced with tools that proactively help consumers make better choices. The “choice” aspect is key. People will choose their financial goals, the accounts they want to link, and which options to activate. Choice is also the risk. That’s because convergence and open finance mean that new competitors, like fintechs or tech giants, could expand their encroachment on your domain if you don’t explore expansive options like a choice hub.
Here’s how a financial choice hub might work for someone who makes saving money their top financial goal. They choose to let the hub find deals for them based on their spending. When they want to make a purchase, the hub helps them choose the best overall payment option – even if it’s a card issued by another bank – accounting for rewards, discounts, and volume incentives. This type of deal analysis helps establish trust and creates a reason to consult the hub for financial and other activities.
