CODE

The Future

Challenges

Of Banking

This whitepaper will explore the ways technology is enhancing how banks can re-engage clients, diversify their offerings and improve their internal systems.

Less risk, more access

Following the global financial crisis in 2008, the face and landscape of the banking industry in the UK, Ireland and across the world was shaken to its roots. The impossibility of failure and the concept of the untouchability of banks was replaced with a shared belief amongst many that new values, service standards and a sense of accountability both in regulation and in data security were the new normal. It was an industrywide cultural change for the better - and one that triggered the movement we now know as the Fintech industry.

As the industry disruptors began to grow and establish themselves - we have reached a stage where becoming digital does not fundamentally require changing the essence of the banking business model itself. The most effective applications of technology have either supplemented an existing service or streamlined the infrastructure that powers that service.

This kind of targeted enhancement can come in the form of automation within areas of a service that are historically slow, or admin-heavy like KYC or Customer Onboarding. Additionally, the ability to add new offerings quickly, with full functionality from the start, as part of a wider product range will prove to be a great tool in providing a more holistic experience to you clients whilst also improving customer stickiness and attracting potential new clients to your brand.

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Key Ideas
  • Technology is enhancing how banks re-engage their clients, diversify their offerings and improve internal systems
  • Becoming digital does not fundamentally change the traditional banking business model