EVOLUTION OF BANKING

THE way forward
Financial institutions have to do more than be customer-focused
and meet their regulatory obligations if they are to succeed in
today’s and tomorrow’s banking world.
Actively placing an increasingly sophisticated customer at the core
of all decision-making will be vital to thriving in a future where even
crowd-funding and peer-to-peer lending may soon seem old hat.
Technology is the key to transforming the financial services
sector so that it can remain relevant to its customers and meet
their expectations. Brand loyalty follows when the right products
are delivered through the right channels to meet customers’
requirements, including for digital solutions.
Financial institutions of the future will achieve the best outcomes
when they can leverage all their customer knowledge especially the
data collected from the different channels their customers use to
interact with them.
Success will depend on an organisation’s ability to access both
internal banking data and external data including that drawn from
comprehensive credit reporting, property transactions, asset
valuations and different socio-demographic sources.
Monetising this knowledge requires high-tech analytical tools
to empower staff and systems to best identify the products that
meet customers’ needs, while maintaining prudential controls and
organisational sustainability and growth.
Importantly, the technology must be flexible enough to adapt to
regulatory and global changes, as much as to meet new product
and service requirements. And that is the edge that tomorrow’s
organisations need for a competitive advantage that delivers great
customer and industry outcomes.
Financial institutions have to do more than be
customer-focused and meet their regulatory
obligations if they are to succeed in today’s and
tomorrow’s banking world.
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