Why would anyone choose to work for a bank in the Digital Age? For several reasons. According to one chief innovation officer, if you enjoy challenge, energy, innovation, agility then the right bank is the right place for you. As banks face a pivotal moment, warding off inventive challengers on every side, the secret to their longevity resides in customer-centricity. Product value is still important, but so is consumer gratification.
There are enough new terms floating around banking to make one’s head spin, and along comes greenfield bank. This refers to the growing trend among incumbent banks to create standalone digital banks that are as agile and innovative as the fintechs and neobanks. After considering how difficult and expensive it is proving to be for banks to break out of their legacy-infrastructure moulds, this approach makes a lot of sense.
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?
Banks exist to serve the financial needs of consumers, through whatever avenue works best. With the rapid evolution of technology, more tools and resources are available than ever before to determine and meet those needs. Personalization in banking works when the customer is the focus, but without customer-centricity as their anchor, banks drift from what really matters. What steps can banks take to stay focused in today’s changing financial environment?
In 2018, MPs announced a planned inquiry into several major IT failures that plagued banks with various subsequent issues within their services. A Treasury Select Committee will look at how financial services companies deal with service disruption or stop it from happening altogether.
The hold traditional banking once exerted over consumer finances has seriously eroded in the Digital Age, with fintech presenting a formidable challenge to banking’s sovereignty. Customers are shrugging off any loyalty they may have had to their main banks and are opting for the providers with the most convenient, efficient, secure and, above all, speedy financial solutions. Can banks survive in the fintech world, and if so, how?
What’s not to like about a process that simultaneously slashes costs and boosts efficiency? Increasingly, senior executives of financial-services firms, with eagle eyes focused on the bottom line, are jumping enthusiastically into the RPA game. Perhaps surprisingly, others in these organizations, such as IT employees, are reluctant. But adopting robotic process automation to best advantage must involve the active participation of the whole company-wide team.
If last year was any indication of what financial markets will look like in 2019, we are in for a very bumpy ride. Last December alone, the Dow Jones Industrial Average fell and rose more than 8 percent as finance experts struggled to make heads or tails of a bizarre political climate, unsteady interest rates and global tariffs.
Our world has never been more connected, thanks to the internet, and this is especially true in commerce. Via digital communication, the consumer can deal directly with multiple traders, from small to mammoth, of products and services without the assistance of an intermediary. The new network economy introduces opportunities for both cooperation and competition. What are the four main trends in today’s markets?
Banks are supposed to put up sturdy walls to protect the sensitive financial information that they closely guard, but sometimes these silos work to the benefit of the fraudsters intent on breaking in and stealing it. When bank teams work together, they present a much stronger unified barrier against cyber-criminals. What five steps do banks need to take to make this collaboration happen?