The consumer view also suggests a gap to be bridged between the priorities set by banks and the expectations of their customers, which are changing at a rapid pace.
Banks must accelerate their digital transformation to meet their customers' expectations for new services. Technology and data analysis are key levers that banks can activate to differentiate themselves while ensuring control of the regulatory framework.
Laurence Niclosse
Director of Customer Experience for Banks at Sopra Steria Next
The use of data and emerging technologies is also a pressing issue among banks.
To face the future, banks must rethink the way they work and focus on creating value by offering adapted services accessible from service platforms.
Jean Carpentier
Director of Banking Consulting at Sopra Steria
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Today’s bank finds itself in something of a paradox. It strives to maintain touchpoints with customers, while also preparing for a future in which it is invisible – disintermediated from the end-customer.
Our extensive research shows that playing both sides may well be the wisest course of action. In the ever-changing paradigm of digitisation, there is still plenty of ground to be won when it comes to end-customers. However, competition is fierce, and consumers are open to the idea of engaging with non-banks, such as fintechs and Big Tech, for financial services.
By increasing investment in data interoperability, as well as around key consumer-facing banking initiatives, today’s bank is preparing to maintain contact with end customers, while also positioning itself as support for non-banks entering the financial services ecosystem. From the bank’s point of view, it will ideally serve both sides.