Your bank isn't digital, unless it's digital at its core
Many banks are showcasing their digital capabilities through immersive apps and chatbots, but their core banking systems are still antiquated, slowing down fulfilment and forcing customers through complicated processes. In a world where nimble FinTechs, empowered customers, and Open Banking regulation is becoming the norm, having a digital front-end is simply not enough.
In his book, The Fourth Industrial Revolution, World Economic Forum founder Klaus Schwab said, “There has never been a time of greater promise, or greater peril.” This statement, more than any other, describes the pressure banks currently find themselves under. While rapid advancements in technology have provided the platform for banks to “go digital” quicker and cheaper than ever before, massive regulatory shifts like PSD2 (Revised Payment Service Directive) and GDPR (General Data Protection Regulation) are forcing banks to transfer their power—and sometimes their competitive advantage—to their customers.
Inside Magazine issue 19, November 2018
Inside is Deloitte’s quarterly magazine offering an exclusive insight into best practices, trends and opportunities faced by our clients across all industries.
Inside focuses on the main hot topics relevant for the market (Asset management, Banking, Insurance, Public sector, Healthcare, Private equity, Real estate, TMT, Manufacturing and consumer business, Transport and logistics).