“The Banks of the Future” is a study carried out by The European House – Ambrosetti Club and Openjobmetis, which found some of the main criteria that banks should adopt – and some are already adopting – in order not to stop their growth. Here are some of the main criteria:
- welcome and integrate technological innovation;
- make room for collaboration;
- personalise customer interaction.
But how can banks respond to the need for renewal?
Key challenges for banks in the future and how to tackle them
Some of the main challenges banks will have to face in the future are the following:
- The evolution of the customer
With the advent of social media and digitalisation, the relationship between bank and customer has been profoundly changed. Interaction with the physical bank is less and less frequent, everything has become digital. Today, among the essential services that a bank must offer are real-time interaction, multichannel, mobile and a personalised customer experience.
It is therefore important for the bank to closely monitor the evolution of users and their needs in order to propose new solutions.
- The digital transformation
Digital transformation is bringing big changes to financial service delivery. In order to remain competitive, banks must be able to offer a seamless front-end experience that meets the needs of increasingly demanding customers. In addition, innovative processes and solutions will not only save banks money on back office costs, but also bring them in line with anti-money laundering and terrorist financing regulations.
To keep pace with digital transformation, it is therefore important for banks to integrate new technologies to streamline, speed up and secure operations. And Omnia BPM can support you in this journey towards change.
- PSD2 and new players
The PSD2 (Payment Services Directive 2) regulation has created important innovations for banks in the field of New Digital Payment, but it has also opened the door to new non-traditional players. These new players should not be seen in direct competition with traditional banks. On the contrary, banks can use the Open Banking paradigm to their advantage in order to innovate and create ad-hoc services that contribute to the evolution of the market and meet customers’ needs.
It is therefore worth looking at PSD2 as an opportunity to be seized together with strategic partners in order to play a leading role in this new scenario