As the consumer is becoming more digital, the banking industry is being transformed. Consumers are becoming accustomed to instant communication, one click service and real-time contextuality. This comes at a time of increased competition. A study looks at how global bankers are responding to these increased expectations.
Now more than ever, banking needs to step out of its collective comfort zone, digitizing and diversifying in response to the changing consumer. While branches aren’t vanishing as quickly as some predicted, banking can no longer follow branch-centric models. Instead, the ‘Bank of the Future’ represents an omni-channel, client-centric, self-directed digital model that many banking executives admit may be beyond their scope.
While the bank of the future will certainly include digital components and self-directed banking as a foundation for growth, that is only part of the story. Branch configuration and reconfiguration are also key components for success, as are the need for managing data, creating true systems operability, and presenting meaningful information at the appropriate time, and through the appropriate channel. These, and other attributes, will be essential to provide the framework for a truly effective bank of the future.
Overview by Ed O’Brien, Director, Banking Channels Advisory Service at Mercator Advisory Group
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