With COVID-19 still dominating the narrative across the global banking industry, arguably the biggest challenge lenders will face in 2021 is how best to maximise the customer experience amidst such a challenging environment. Indeed, given the low interest rates that have continued to weigh heavily on banks’ net interest income (NII)
It’s fair to say that 2020 has been among the most consequential years ever for the fintech (financial technology) industry. Thanks in no small part to a deadly pandemic that swept across much of the world, consumers, households and businesses alike have all had to depend on the digital world a whole lot more than at any time previously.
We all love to be popular, but banks could forgo the increasingly sophisticated attention of cyber-criminals who are employing the latest technologies to commit cyber-theft, with the financial industry as their favourite target. Can banks do anything to protect themselves, or are they helpless victims of this new breed of bank thief? Fortunately, there are practical steps that banks—and customers—can take to strengthen their armour against cyber-security breaches.
As COVID-19 continues to transform our daily lives in significant ways, traditional banking models have come under intense pressure. Technology is facilitating a rapidly evolving landscape for financial services, with the execution of financial transactions no longer solely under the stewardship of conventional financial institutions.
BDO Unibank has been the bank of choice for Filipinos for decades, rewarded for its dedication to satisfying customers’ needs with high rankings. The Philippines’ Enhanced Community Quarantine has tested BDO’s dedication to its stated values, but it has proven faithful to its CORE commitments to clients. Even in stressful times, BDO is on track to fulfil its vision of serving as many customers as possible as expertly as possible.
Increasingly, core banking services no longer occur within the brick-and-mortar walls of a community’s bank. Financial services have broken out into mobile and online banking, with fintechs and neobanks competing with incumbent banks on their own turf. Banks should adapt to digital advances, but building customer trust is the make-it-or-break-it ingredient. Innovation will constantly change, but the need for relational trust between bank and customer will always remain the same.
Interview with Ms. Jelena Galić, Chief Executive Officer and Chairman of the Executive Board, AIK Banka
Serbia has endured mixed political and economic conditions but today is enjoying a period of economic growth. One of its top banks, AIK Banka, is well positioned to take advantage of this favourable climate, having determined to serve its clients in the most innovative ways possible while maintaining its long-standing reputation for stability and integrity. CEO Jelena Galić recently updated us on AIK Banka’s progress in fulfilling its client-satisfaction drive.
In the old days, banks could work independently of others providing financial services, but not anymore. As the world becomes more interconnected, banks are being drawn into emerging ecosystems comprised of old and new players. Cooperation and integration are the names of the game for both incumbents and newcomers such as fintechs and virtual banks, but putting the blocks in place to build the infrastructure is easier said than done.
Southeast Asia, with a high percentage of its population still underbanked but with growing economies and widespread smartphone adoption, is prime territory for fintech upstarts as well as pioneering incumbent banks. The race is on, and many players have jumped in, with ASEAN governments promoting the contest, which is pushing the limits of financial services to new boundaries. The ultimate winners, of course, will be the commercial and retail customers.
The issuance of new regulation is not always met with elation, but financial and accounting industries in the European Union have reason to applaud the new PSD2, as it brings advantages for customers and businesses alike. Although the advantages for customers are clearer, such as increased control over their personal data, banks, too, will benefit from such features as better data, increased security and, in the end, more satisfied customers.