Crises inspire metamorphic change, and that’s happening in banking as we trudge through a pandemic. Can banks do more than boost their digital transformations—and bottom lines? Can they be the foundation of building back better? It starts in the community, providing services to everyone, without regard to race, gender, economic status.
Societies face a stark reality: their 65-plus members are claiming a rapidly increasing population share. Japan may be the guinea pig in this predicament; in the Land of the Rising Sun, the death rate already eclipses the birthrate. How the innovation-savvy Japanese respond will be a model for other countries that will follow in their footsteps. Will Japan’s empathy for its elders be duplicated elsewhere, especially in financial industries?
It makes good economic sense that when people work toward their own economic benefit, the economy, and society, as a whole benefits—but do these profitable conditions benefit all members of society, or are some left out? Today, fintech challengers are accomplishing what traditional banks have failed to fully achieve—providing fair and open access to basic financial services for all of the world’s citizens.
Artificial intelligence is gaining increasing recognition among bankers as not only an investment opportunity but a very useful tool within their own operations toward the goal of maximizing efficiency and cutting costs. Beyond that, though, forward-thinking bank managers recognize the technology as a double-edged sword, with strong potential to improve the customer value of their product and service offerings.