The future of banking is digital
While security and cost-efficiency are strong motivators for banks, the true value of digitalisation is what it can do for the customer. “Digital banking makes life easier for consumers,” says Ian Bradbury, chief technology officer for financial services at Fujitsu. “People are increasingly enjoying the simplicity of managing all their finances in one place, setting up automatic payments or making deposits, any time and anywhere, without the need to queue in a bank.”
And with an increasing number of challenger banks and fintechs in the game, competition for the customer has never been higher. As Flavia Alzetta, chief executive officer of digital banking company Contis points out, traditional banks have an advantage in both the range and complexity of the products they offer. “Traditional banks have a 360 degree offering. If they were to put the customer first, they already have a very strong base to continue to occupy their place.”
More importantly, they have an existing clientele, which many of their younger competitors are still trying to build. “The customer is king and very expensive to acquire. Banks need to realise that if you look after customers they will reward you with loyalty,” continues Ms Alzetta, “customer expectations have evolved over the years, and there is no reason why they should not be met.”
News via: https://www.raconteur.net/finance/future-banking