FUTURE OF BANKING
The bank of 2030
and beyond
It’s not enough to change customer interfaces – banks will require new
business models.
T
he financial crisis set the scene for a fundamental
rethink of the role of modern banking and led to
profound regulatory and business model changes.
The consequences of these changes are far from clear.
However, it is clear that a number of business models
today are no longer fit for this purpose, and that substantive change
is required across large parts of the banking industry.
SOME OF THE CHALLENGES THAT BANK EXECUTIVES
ARE GRAPPLING WITH ARE:
• How can banks completely transform their cost bases, and
therefore core processes, to realign their business models to the
new normal?
• What are a bank’s fundamental value proposition and core
service offerings to be — does a bank now have to articulate a clear
social purpose as well as acknowledge its stakeholder obligations?
It is important not to underestimate the role of aligning cultures,
behaviours and rewards in a manner that is satisfactory to all
stakeholders.
The types of service, functionality, experience and customer
fulfilment provided by industries other than banking, are evolving
rapidly and setting a high bar of expectation for banks to meet in
the coming years. This raises important questions about how banks
come to understand the costs of providing all of this in the rapidly
evolving and costly regulatory environment of the future.
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2014/04/07 9:18 AM