Banks of the Future!
Financial institutions play strategic roles in the economic development of a nation as a catalyst for economic progress and poverty alleviation that ensure the general wellbeing of the economy and the people. However, based on global shifts, only banks that advance with current changes will dominate the financial scene in the next 3 to 4 years. Here’s how this can be achieved:
– The number of branches per million people is declining across markets, GET MORE DIGITAL.
– Customer satisfaction now determines their loyalty, INVEST IN RELIABLE IT INFRASTRUCTURES for better customer experience.
– Advances in technology are changing the banking trajectory, EMBRACE NEW TECH such as robotic-process automation, cognitive artificial intelligence, and machine learning. They can reduce costs of customer facing and middle-back office activities by up to 40%.
– Customers no longer trust one bank enough to stick only to it as there are now multitudes of banks, HAVE A NICHE PRODUCT/SEGMENT and deliver top-notch superior value in your niche.
– A Northern European bank has developed a Mobile App that integrates house searches, booking viewings, budgeting, transactions, and help with setting up a new home (utilities, appliances and renovation). Banks are beginning to enter other spaces. EXTEND YOUR PRODUCTS BEYOND FINANCIAL SERVICES; offer products that have other financing needs associated with them.
On the flipside, will banks of the future effectively manage environmental and social risk?
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