Once upon a time, traditional banks could depend on customer loyalty, no matter what. A bank was the one-stop-shop for all things related to consumer finance. Not anymore. Not now that neobanks and fintechs are competing for the same consumers. Although bank customers are reluctant to move their financial business, banks are being increasingly challenged to address their needs first, which is all working out to their advantage.
Most banks have processed the message that they need to change if they plan to stay competitive in today’s financial world, increasingly infiltrated by fintech and bigtech disruptors. But the change that is required goes beyond changing strategy; it involves transforming the entire culture of a bank, from the top down. What are the practical steps banks must take to change their internal cultures and use technology most effectively?