Transformation approach in banking

Jun 26, 2013

A Position Paper by Sopra Banking Software

Banks are facing challenging times. They must comply with a range of new regulations in various domains, from risk and reporting to payments and customer privacy. Customers are taking control. They want the flexibility to contact their bank whenever and however they choose. And when dissatisfied, they can easily switch to another bank. Finally, new entrants and low-price strategies are heating up competition and decreasing margins. Therefore, banks must find new differentiators and sources of revenues.

Evolving Business Model  

Banks must transform their business to face these challenges since they cannot retain or attract new customers with competitive interest rates alone. The main differentiator has shifted to services. Attracting today’s savvy customers requires a customer-centric organization, with dedicated innovative products and fast time to market. Cost optimization must also be achieved, for instance through consolidation, globalization or outsourcing. Finally, systemic risk control as well as transparency and traceability are necessary to regain stability as well as customer’s trust. Meeting these goals requires a deep transformation of a bank’s culture, organization and, sometimes, of the business model itself.

Get your copy now by filling out the following form

Related Events

No related event