Digitisation changing the playing field
New technologies are enabling new market participants, often start-up companies, for instance within payment facilitation – so called FinTechs. With their focus on the front-end of banking they are showing strong capabilities in customer interaction and have an ability to deliver solutions swiftly and efficiently. On the other hand, they seldom deliver full universal banking services.
Banks can capitalise on their main advantages – trust, access to the customers and data. They can also partner up with FinTechs and other banks to invest in common infrastructures and enhanced customer services.
Going forward, automated collection of information, analysis and proactive actions will increasingly be used for more tailored services to improve the customer’s experience.