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Redefining Financial Services Within the Digital Revolution

In our latest GDS Video Snack, Sasha Qadri, Editor at MeetTheBoss TV explores how the financial services sector is adjusting to this rapid and transformative change.

The financial sector is waking up to the digital revolution. New technologies and changing customer expectations mean banks can’t stay stuck in their old ways. They’re having to make some fundamental changes, or risk becoming less relevant.

Daryl Wilkinson, Head of Innovation, Nationwide Building Society:
I think banks in particular need to figure out what is their role in the new landscape that’s unfolding, and that’s the biggest challenge, business model change, making those decisions.

James Cronk, Head of Enterprise, EMEAR:
Big question marks over the branch, big question marks over how much more investment needs to go into mobile technology. The whole area around payments is being hugely disruptive with things like Apple Pay at the moment.”

Here in the City of London banking dates back to the 17th century. Over 300 years of history and traditions, which are now facing some very serious challenges. Global, traditional banks are being weighed down by the stereotypical work roadblocks, which slow decision making and put a brake on momentum to make change. These issues are being addressed, but when they’re embedded in institutions, it’s a slow process and it’s expensive.

Daryl Wilkinson, Head of Innovation, Nationwide Building Society:
“An awful lot of banks are still run in silos, so multiple people need to be engaged to makedecisions. Also, there’s still some legacy processes and policies and behaviours that are probably more appropriate for a paper-based physical world, so that needs to change, but I think also culture.”

The cultural roadblock is in some ways the biggest and the hardest to break down. And that’s damaging in the long term as consumers want to see change.

James Cronk, Head of Enterprise, EMEAR:
I think at a consumer level, or certainly the outside-in level, not a lot seems to have changed. But actually the rudiments of what’s going on in the industry has dramatically changed.

Financial services is in flux – that’s a certainty. Banks now have to figure out how to position themselves amidst all the change. And they need to meet new, heightened customer expectations.  Because wherever there is challenge, there is opportunity.

 

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