Frontline banks are fluid, responding to and better yet anticipating customers’ evolving requirements and preferences. The pandemic has accelerated the need for banks and consumers to interact with each other through digital channels. To compete in an increasingly competitive market, traditional banks must provide tailored solutions, cooperating with specialized partners to achieve specific goals. Banking-as-a-platform has become the new norm in the industry and the only way to keep up.
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.
Banks are a mixed bag when it comes to utilising technology’s full potential: some are taking full advantage while some are trying, and often struggling, to apply technology to their existing businesses.