Can Today's Banks Become the 'Bank of the Future'?

Now more than ever, banking needs to step out of its collective comfort zone, digitizing and diversifying in response to the changing consumer. While branches aren't vanishing as quickly as some predicted, banking can no longer follow branch-centric models. Instead, the 'Bank of the Future...

Full description

Saved in:
Bibliographic Details
Published inMichigan Banker Vol. 28; no. 1; p. 8
Main Author Marous, Jim
Format Trade Publication Article
LanguageEnglish
Published Lansing Public Relation Enterprises, Inc 01.01.2016
Subjects
Banking industry
Banks
Competition
Digitization
Executives
Legacy systems
Polls & surveys
United States > US
Online AccessGet full text

Cover

More Information
Summary:Now more than ever, banking needs to step out of its collective comfort zone, digitizing and diversifying in response to the changing consumer. While branches aren't vanishing as quickly as some predicted, banking can no longer follow branch-centric models. Instead, the 'Bank of the Future' represents an omni-channel, client-centric, self-directed digital model that many banking executives admit may be beyond their scope. A report from Oracle titled, Banking is Changing With or Without the Banks, surveyed more than 100 executives at major retail banking institutions globally, which revealed a desire amongst banks to invest in digital strategies but also stark differences in progress. The key challenge lies in legacy systems, with nearly all banks (89%) mentioning the challenge of overcoming their legacy systems as a barrier against omni-channel engagement. The high cost of implementation (89%) and lack of suitable technology (75%) were also seen as hindering efforts to become truly digitized.
ISSN:1044-1948