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Re-imagining Banking

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12 July 2013
Zilvinas Bareisis
On June 30th, Peter Sands, Group CEO of Standard Chartered, published an article in Financial Times called Banking is heading towards its Spotify moment. The article seems to have resonated incredibly well with the banking community: at a conference this week, two senior banking executives from different parts of the world referred to the article, while we have been discussing it with our clients. The article argues that "banking is very digitasable, but we have not yet seen the fundamental transformation of business models that have taken place in other sectors, such as music [...] Margins will fall unless banks reinvent what they offer and how they work." At Celent we agree wholeheartedly - the move towards "all things digital" is both a serious threat and an incredible opportunity in banking. The regulators and their "zero tolerance" attitude is one of the many barriers making it difficult for banks to be truly innovative. But many recognize the need for change and are investing accordingly. We are committed to helping our clients along their journey through our research, insights, and networking events. Dan in his recent blog post summarized our NYC event on Omni-Channel Delivery. We will also be hosting a banking roundtable in London on Oct 17th, "Evolve or Die: The Future of the Bank Account." Again, it will be a bank-only forum with an emphasis on idea exchange, and if you are interested in attending, please contact Chris Williams at cwilliams@celent.com or +44 20 8870 7875.

Comments

  • Your opinion on "all things digital", the threat aspects may not be correct, but the aspects of innovation and opportunity will definitely overweight of any risk perception.
    Beside we should look into the way how we can covert the regulatory constraints to profitable business opportunities.

  • The techno-wave is sometimes like a tsunami in this case. Banks should think they have old fashioned customers as well as young customers who are technology driven. No matter who they are, Banks should look ways to retain and gain customers. People love to hear its name, to feel a genuine care from its peers. Banks should become customer's fan. They should know what the customer wants, needs and use. It means that all channels should act as a unit, no more services/channels islands, everything should interact. The user experience should be as one and only place. For instance, something like Netflix or Kindle, you can keep watch/read using different devices. When you visit Amazon or Netflix you get advisory on items that reflects your line of entertainment or culture. That concept should be present in banking. The bank goes digital but more individual aware to providing better services and relation with its customers. Relational Banking should be a constant.

    The user demands a personalized service. Since almost everything happens through digital channels, it's easy to know where, when, what the user wants and how is her/his behavior. Not only for offering customer with new loans, liabilities with better rates or assets. They need other products, even financial education services.

    Branches could play a very interesting role, sophisticated places for advisory and meet ups maybe, less transactional banking taking place at banks and more relational banking.
    Pervasive computing allows to have better services for very fast and ubiquitous banking. The big problem for banks is that in some point, all of them will have comparable services offered in mobile gadgets, going from Smart TVs to game consoles, using traditional means such as ATMs or PCs and exploding others like smart phones and slates or sophisticated devices such google glass.

    In the end, older customers like to go to the branch and hear their names, young ones can jump up from e-bank to e-bank until finding the bank who knows its needs and can advise face to face, not only through noisy and cold e-banking.