“The Banking industry is at a digital crossroad as it faces both a wave of technology companies poised to disaggregate every facet of the business and a changing consumer that is increasingly demanding that banks products match the state-of-the-art digital services they are receiving from other industries, writes German Pugliese-Bassi
Banks today are now facing the prospect of either sticking to their “tried-and-true” strategies of the past or embracing innovation and rethinking their business as they move forward in an increasingly competitive environment. The decisions banks make today will define the marketplace in the years to come, as those who fail to keep pace with the disrupters may find themselves permanently and fatally left behind.”
The evolution of financial institutions’ strategies continues on, far beyond the traditional, full-service branch business model. This has also been a major theme in recent Mercator Advisory Group research on banking channels and the move toward digital, and ultimately, omnichannel banking.
Today’s banks and credit unions are increasingly realizing that their customers and members are embracing self- and assisted-service channels in their banking experiences, with many (if not most) including such choices in their short-to-intermediate-term strategies in order to meet – and hopefully exceed – customer expectations.
Overview by Ed O’Brien, Director, Banking Channels Advisory Service at Mercator Advisory Group
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