Towards the reduction of expenditure in branches and investment in digital channels.
Trends in the banking sector
The industry is witnessing a continued and aggressive focus on digitalization. Banks are reducing expenditure on branches and investing in self-service digital channels such as mobile and online banking which are becoming more popular among customers.
Customer centricity. Banks are becoming forward thinking rather than reactive and are anticipating customerrequirements. A greater importance is being placed on considering the customer’s interaction. Also, banks are designing products that respond to the customer’s financial condition and are giving them the tools to self-manage their personal finances.
Emergence of FinTech Companies. Bank-FinTech partnerships are increasingly the norm and are beginning to re-shape the financial services landscape.
Mobile Banking and omnichannel focus. The convenience and quickness of completing financial transactions via an app or through the internet is attracting consumers attention. The influence of digital transformation in the industry and in the economy as a hole will only increase demand for mobile-first banking features.
Improving the Customer experience
Today’s customer drives the banking process. Customers now wish to communicate and to access to information on their terms and across channels. Innovations in other industries have impacted customer expectations and for that reason understanding different types of customers, what is most important to them and how they make choices, is essential.
Nowadays, as transactions and sales shift to digital channels, branches that cannot create incremental value will need to close or be transformed. Re-imagining banks physical footprints, introducing new branch formats and expanding physical points of presence through third-party partnerships are and will continue being a must in the sector.
As regulatory pressures increase, banks are forced to spend a significant part of their budget on remaining compliant and building more advanced information security systems. Banks use what remains to innovate and for this reason the pressure for Banks to be more efficient is huge and they are looking for every possible opportunity to reduce costs.
Agility in decision making and execution
With the entrance of new players such as Digital Banks or FinTechs there has been a rapid increase in the pace of change, putting pressure on incumbent organisations to change their processes in order to be able to adapt more quickly. Organisations need to develop systems that speed up decision making.
With the growth of a global marketplace together with the rise of virtual payments and omnichannel access and transacting, security risks are at an all-time high. Financial institutions need to be out in front, protecting their organisations from security breaches. This is done both through internal developments and through industry partnerships with security providers.
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