For decades now, banks have been able to retain their customers through traditional channels. However, recent shifts in the industry are threatening this historically stable customer base.
Today’s consumer is used to engaging with retailers and expects his needs to be anticipated across services. And so, they expect similar responsiveness from their banks.
The potential for disruption is so strong across the entire banking industry that their entire value chain is being threatened.
Bank’s core competitive advantages are being eroded – and they must embrace topics like digital personalization, big data analytics, FinTechs, innovation in the banking industry, and business models of banks to stay competitive in the digital age.
These topics continue to evolve, and new theories and practices are created and discarded constantly.
That means that the typical search-engine approach can yield conflicting or out-of-date information.
Really, the only way to get accurate and complete information is to ask people with hands-on experience in the industry.
So that’s what we did.
Over the past few months, our team has had the privilege of interviewing world renowned experts in the banking industry, including JP Nicols(Co-founder of Bank Innovators Council, Ron Shevlin(one of the most influential voices in banking), Eric Schneider(Region Head, Asia Pacific, MasterCard Advisors) and our own banking advisors — Arvind Sankaran(Global Business Leader – Retail Banking & Wealth Management) and Vik Atal(Former Executive VP of Citigroup).
They have shared their views on how technology companies(like Google, Paypal, and Apple) are stealing a decent chunk of revenue from banks, why banks business models are no longer as successful as they were in the past, how banks can partner with FinTechs to engage better with their customers and much more.
We have compiled these interviews into an e-book in order to make these interviews more accessible to the banking community