Many traditional banks need to choose the digital direction that they are going in.
Some have forged ahead, as outlined in this piece below, while other banks continue to find many roadblocks in their path, many of which are placed by internal factors and others such as risk and compliance or regulatory driven change.
Accenture brought out a paper Banking 2020: Capturing emerging opportunities on capturing new opportunities in the banking industry.
The report suggests there are three key tenets to maintaining a sustainable competitive advantage in this fast changing environment.
- Efficiency through optimization and simplification
- Changing the game through Agility
- Evolving through Continuous Innovation
In the report it advises banks to move away from being a product driven organization to a customer driven organization whilst integrating new technologies, channels and strategies in order to engage with customers anywhere, anytime and on their customers terms.
While it is key for a bank to be agile it also needs resiliency in their IT systems which is almost in total conflict with the need to be agile and ways must be found to marry these two incompatible "driving forces” and Portus is one solution.
The Digital re-launch of a Canadian National Brand: Tangerine Bank
When Canada's largest online bank undertook to rebrand from ING Direct to Tangerine they launched their advertising campaign on YouTube leading to brand awareness with over 8 million impressions on YouTube and recognition as "Canada's Most Digital Bank"
Tangerine has over 5000,000 Canadian customers and amongst their offerings they provide their customers with online, mobile, and telephone banking.
As Canada is such a vast territory Tangerine have gone the route of providing pop up banks that travel around the country to meet customer needs with the added benefit of closing times that suit their customers, closing at 7pm during the weekday and open on weekends both Saturday and Sunday until 6pm.
They also provide a number of Bank Cafes.
PwC Retail Banking 2020 Overview
This video gives a brief insight into how banking may look in 4 years time.
The models demonstrated in the videos are based on the premise that all current and past IT systems are known, secure, updated and with the historical data accessible, all the while meeting with the requirements of a very highly regulated environment.
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