Bank of the Future
For centuries, banking has shifted only slightly, with models adjusting primarily to changes in technology. But now banking is profoundly changing – and for the better. It’s up to bankers to get on board.
The current digital revolution – directed by evolving customer needs, behaviour, and expectations – is disrupting the way people bank. Consumers now expect an anytime, anywhere, ultra-personalised user experience. This is why today the customer is at the centre of the discussion and considered by all banks as their primary asset.
Research demonstrates that it takes two-to-ten years to repair sector-wide brand damage, like that caused by the 2008 financial crisis. A decade later, CEOs are indeed observing a rise in trust. However, only when the players truly gain the confidence of their customers will offering a broader range of products, more convenience, and less friction make a difference.
With data and analytics gaining importance in all industries, banks face the additional challenge of earning and keeping customer trust while benefiting from their data. Analysts expect that customers will develop increasingly assertive views on the treatment of personal information. This could result in data management ethics becoming a core brand attribute. Already, most CEOs are very clear that they will not commercialise customer data, or disclose it to external partners.
The importance of ecosystems
In an ever more connected world, many businesses will try to integrate banking into their own ecosystems, either by themselves or with partners. There are different views about how this will play out, especially in terms of timing and potential disruption. In this uncertain environment, banks must make sure to be inquisitive, play on their strengths, and be part of the winning platforms.
To learn more about how the banking sector will evolve, watch the interviews below with Olivier de Groote, Deloitte Industry Leader FSI, and Erik Van Den Eynden, CEO ING Belgium.