Especially in the Retail sector, Banks are having to consider what they do. I think some of the reasons for these changes include:
The need to understand who the customer is and what they’re expectations and needs are. Consider the different behaviors between ‘Grandparent, Parent & Child’ demographics?
The Millennial generation have higher expectations of providers including omni-channel access, real-time processing and mobile everything.
Players, from other industries, are coming into the market and bringing a different mind-set and experience. Telecommunications and Retailers are two examples.
The need to compete better and drive operational efficiency means Banks are looking at ways of reducing costs and improving service by using new technologies including Blockchain, artificial intelligence and machine learning.
Regulation and compliance is still a major issue, so how to deliver these requirements both effectively and efficiently.
The move to the cashless and contactless society is putting pressure on Bank infrastructures to support new modes of engagement.