Banks of the Future – what can legacy banks learn from digital challengers?

Retail Financial Services

Retail Financial Services

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Expert: Keith Webb, Capgemini Consulting
Facilitator (second session): Phil Alcock, PBF Solutions

 

Overview:

The general agreement in the room was that if legacy banks are to survive, they need to adopt some of the trends that are being defined by digital disruptors. This includes innovative practices that can help enhance the customer journey.


Headline finding 1:

Real disruptors will be the ones invest in understanding the customer’s behavior and are bold enough to innovate.

Headline finding 2:

Disruptors are focusing more on partnering than is the case with legacy banks and legacy banks need to learn from this.

Headline finding 3:

Regulators are a necessary evil – we need to strike a balance between over-regulation and protecting the consumer.

Headline finding 4:

Greater segmentation and the targeting of customers will be a clever strategy. There is a need for banks to involve customers more and more and adapt their offerings to reflect a fulfillment of consumer needs.

What are the next steps?

a)    Creating an environment to safely test and explore partnerships;

The need to have more collaborative ideas to help the regulator to ensure consumer protection but also to encourage innovation. 


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