In the banking industry, there is little question that COVID-19 forced digital adoption at an unparalleled rate. Years-long timelines for preplanned digital transformations were suddenly condensed into a matter of months — as “shelter in place” mandates forced consumers across the globe to move their financial activities online.
Banks around the world have been crucial throughout 2020 in stabilising their respective economies. They have ensured that liquidity continues to be transmitted to the real economy, which in turn has helped to prevent a full-blown credit crisis from emerging as happened during the 2007-09 global financial crisis.
2020 marks the 15th anniversary of the US shale boom, a period in which discoveries of deposits of shale oil and gas across such states as Colorado, Texas, North Dakota, New Mexico and Wyoming propelled the United States to the top of the list of the world’s biggest oil producers.
It’s not been an easy ride for the Chief Financial Officer (CFO) over the past couple of years – economic uncertainty, increased regulation and an ever-pressing need to cut costs and grow revenue has taken its toll. And with innovation continuing to buffet the workplace, upending business models and increasing customer demand, it’s no surprise that CFO turnover is on the up.
Although banks have been in financial services longer than anyone else, they have a thing or two to learn about customer service from the mammoths in the retail sector. Retail subscription services are taking off, promising to deliver combinations of products conformed to the needs and likes of customers, whose preferences are well known from data analyses. What similar steps can banks adopt in their drive to augment customer satisfaction?
Singapore has much to celebrate. Along with Hong Kong, it is regarded as one of Southeast Asia’s top financial hubs. Although these rivals match each other on many fronts, their stock exchanges do not. Singapore’s SGX is shrinking, while Hong Kong’s stock exchange continues to grow. It’s easy to see that the SGX is ailing but much harder to figure out exactly why—and how to reverse the trend.
Successful banks know who the boss is: the customer. And today’s customers, especially those who fall into the Millennial category, demand fast, error-free service delivered seamlessly. Banks confronted by the formidable challenge of adapting to both regulation and technology are also finding that up-and-coming fintechs are adept at meeting the demands of bank clients. Banks, more than they ever have before, must listen closely to their customers.
Banking across the globe has been going through a major transformation over the last few years, and this evolution looks set to continue well into 2018, and indeed beyond.