It’s safe to say that creating an innovation culture is a matter of survival amid ever demanding customer expectations. Banking is no different. Banking is changing whether banks do or not.
Across industries globally there is a profound evolution in customer engagement as the digital and physical worlds meet on the customer’s terms. The biggest disruptors from Netflix, Alibaba and Uber reflect the most crucial customer trend: An on-demand, digital customer service with instant fulfilment and seamless experience from digital to physical touchpoints.
While on-demand, seamless experience across physical and digital channels is the cornerstone of successful modern business there is a huge void between this customer trend and current banking business models. With the nature of virtual banking and digital disintermediation, there’s huge potential for banking to radically change business models in this same manner.
The very infrastructure and heritage that have sustained incumbent banks have now become legacy, and are inhibiting their ability to deliver customers an experience on their terms.
Banking business models must evolve to encourage innovation at scale and a focus on digital design for a seamless and personalised customer experience. The winners of the digital era will be the banks (or technology companies) that get this right
That’s why Your Customer Driven Innovation Day (June 15-16) brings together leading Retail Banks and Fintechs for a day of driving banking innovation and customer experience. Register now to join leading banks Barclays, Santander, Lloyds and Starling