The paradigm shift in the banking industry
Economic fluctuations, emerging tech trends, data accessibility and drastic generational shifts have tremendously changed the customers’ behavior, including customers of banks and financial institutions. Today, clients interact with a bank via mobile channel 20 to 30 times per month, while interactions via branch occur only 1 or 2 times per year. Modern customers demand convenient and personalized banking services with a high level of safety, security and digital acceleration.
Even though digital transformation is challenging the very way banks operate, it also offers a significant opportunity for banks in the future.
Forward-thinking banks strive to offer dynamic customer experiences and meet customers where they want to be met providing them with the banking services across various channels. Turkish Garanti bank, for instance, introduced iGaranti payment system, a digital service that employs deep social integration and lets users send payments to Facebook friends or to contacts in their cell phones.
To gain a competitive advantage in an ever-changing environment, progressive banks deliver their services according to the new consumption patterns of their clients. Thus, 61% of bankers consider a customer-centric business model to be very important.
Disruptive technology accelerates the digital transformation in financial services, while traditional banks fail to keep up. What do banks need to do to change the bank’s structure and traditional culture to regain customers’ trust and bolster productivity? We have dedicated an entire eBook to this question studying new market trends and how a bank can get prepared for the digital future by leveraging innovative process-driven technologies to propel changes and meet the expectations of digitally native customers.