‘If you compare banks to companies like Google, it’s evident that banks are still at the nascent stage of the digital and data revolution.’ Vik Atal
Retail banking today is experiencing major forces which are shaping its future. The imperative of digitalization is driven by sophisticated demand from a growing millennial client base. as well as by the increasing pressure from digital/fintech disruptors. Digitalization does not only involve advancements in technology, data analytics and process automation but as well a shift in corporate culture towards agility and collaboration. Banks need to re-invent the existing value creation model, moving towards a customer-centric advisory role, while further optimizing critical elements of core business such as risk management, debt collections and operational efficiency which all have a direct significant impact on the bottom line and customer experience.