During their breakout session, Juan José Alert, Head of Retail Banking, and Alejandro Perez, Business Support & Delivery Director Retail Banking, explained how banks are reshaping to adapt to the new digital area. This is more than just omni-channel; it’s about digitalization.
Banks are affected by changes in society, regulation, customers, technology and innovation and competitors. There is a move from bank-centric to human-centric.
The traditional model of managing savings, investments and assets faces a lot of barriers due to legacy systems, regulation and internal processes, to mention but a few. But, the world is changing thanks to technology like smartphones, wearables, social networks and others.
The actors driving these changes are customers, regulators, retail banks and newcomers. All of this leads to a new complex scenario which will also lead to opportunities:
- Big data: data analytics will enable the creation of personalized products
- Biometrics: our bodies will be our passwords
- Social banks: will transform banks’ role so that they are no longer simply seen as a utility
The new customers are better informed, and they know that. As a result, the relationship between banks and final customers’ needs to be digitalized so that the value proposed by banking goes beyond the strictly financial.
Work styles and organizations themselves need to be digitalized. Bank branches will have to change drastically in terms of tools and the staff working in the branches. There are 3 key drivers:
- Product selling needs to be much more consultative
- Removal of barriers, both physical and logical. Customers must perceive that it’s worth their time to work with branch staff
- Making of use data analytics and relevant devices
The self-service channel will also change a lot together with branches.
It will become the branches’ best ally by taking over low added-value transactions but will also provide more value and free branch staff to consult with customers. There will be new solutions and devices, and there will be more software integration with the software produced by start-ups, i.e. FinTechs.
Banks cannot do everything on their own; they must co-operate with FinTechs, and take advantage of the powerful tools they provide, otherwise, they will find that their business has been eroded. It is also in FinTechs’ interest to work with banks in order to grow their business.
Fujitsu’s FinTech consortium can bridge the interests of both parts with an open platform for financial institutions and Fintech start-ups to realize innovation in Financial Business.
Find out more on this exciting topic at #FujitsuForum, and discuss it in more depth with an expert on Nov.18 and 19.