Seizing on the advances of technology banks are modernising, becoming better, stronger and more trusted by their customers.
Yet, profound industry challenges remain, driven largely by quickly evolving customer expectations, digital challengers, low interest rates and increasing regulatory scrutiny. Still, we believe the future is open with opportunities.
Our monthly article series aims to arm banks with practical insights as they seek to leverage key trends, such as digital banking, customer experience and personalisation, data analytics, security and intelligent authentication, for sustainable competitive advantage and growth in the long run.
The reasons for working with consumer platforms should be self-evident to any bank decision-maker. Banks are keen to digitise their customer experience, their services and their products. And that means expanding beyond the confines of their traditional bricks-and-mortar service models.
Most banking execs recognise that the consumer platforms will likely become competitors in the future. But they also understand that — in today’s economy — they need the strength and reach of the consumer platforms to achieve some of their biggest digital transformation objectives.