The financial industry is changing. Evolving business conditions and dynamic changes in technology and regulations are putting banks at risk of being unable to meet current and future business needs. Unexpected new players are entering the market, threatening the traditional business model of banks. As the banking landscape has changed and competitors have grown, so have customer expectations, demanding a more tailored experience for how they interact and transact, leading to increased competition between banks.
For 2021 and beyond, banks must contend with multiple challenges and change tied to:
- legacy systems
- disruptive models and technologies
- new competitors
- restive customer base
- new strategies for sustainable growth
In order to succeed, executives need to devise a clear strategy to move forward and maintain a laser-sharp focus on their customers’ preferences, both stated and unstated.