Driving customer value through digital
We are in an unprecedented period of increasing regulation and continuing cost pressures for banks. This is being compounded by the persistent trend in margin compression and alarming market uncertainty. The emergence of new technologies into banking has had a permanent impact, as once traditional banking revenue pools are now being sucked up by new competitors, especially in the payments’ space. All of this is happening at a time when customer expectations for banking services (both offline and online) are being reset by the experiences being provided by retailers and online providers, elsewhere.
Finally, to this long list add the general lack of trust customers have in financial services – owing to the credit crunch – and the general perception that the major banks all contributed to the global market collapse. We can quickly conclude that traditional banking is facing its steepest challenge in over a generation. We believe that a new tipping point has been reached, with digital at its fulcrum.