While the global pandemic may have been a shock to the system for incumbent financial institutions, it only served to reinforce the growing pressure to digitally transform their operations.
Thanks to rapid digitisation of services across industries the profile of the typical consumer is evolving into a far more sophisticated and demanding user. As a result of this evolution, retail consumers and corporate clients alike are hoping to leverage more from the relationship they share with their banks.
While younger, digitally native financial institutions are well positioned to adapt and mould their offering in line with this shifting profile, incumbents weighed down by legacy technology and infrastructure are finding the pivot more challenging. Rather than resisting change, incumbents that accept that the ubiquity of big tech and the client-centric ecosystem are permanent, are likely to reframe their mindset into delivering consumer-centric services effectively.
In our latest impact study in association with Finextra, discover:
- The trends shaping the push towards a new financial services industry, such as cloud technology, BNPL, and personalization, to name a few
- Key technologies that banks must leverage to evolve into more customer-centric institutions