Capgemini’s World Retail Banking Report 2021 – Sustainable Experiential Banking – was just released, in collaboration with Efma. It details a wide range of innovative responses to today’s “what’s next” environment and outlines strategies and a road map for building the requisite business capabilities to keep pace with ongoing, full-throttle transformation.
“We believe 2021 will herald the arrival of inclusive, efficient, and experiential Banking 4.X, a time marked by evolving customer expectations, hyper-personalized engagements, and strategically relevant products and services,” highlight Anirban Bose (Financial Services Strategic Business Unit CEO & Group Executive Board Member, Capgemini) and John Berry (CEO, Efma).
Below, find some of the key highlights of the report.
PANDEMIC FALLOUT CATAPULTS BANKS TO THE BRINK OF A NEW ERA
VUCA challenges intensify sector issues.
• As operational costs soar and revenues languish, firms consider cost rationalization.
• IT transformation and budgets slashed to offset rising workforce and customer services costs.
• Banks scale back non-core business and exist low-performing geographies to become lean, and responsive.
Banking 4.X takes off in 2021…fasten your seatbelts.
• As the banking industry transitioned from Banking 1.0 era to Banking 4.0, which saw open banking make way for Open X ecosystems that enabled and exchange of resources and data to expedite innovation and deliver superior customer experience.
BANKS UNLOCK NEW VALUE BY LEVERAGING ECOSYSTEM CAPABILITIES
Open ecosystems create new value streams via Banking-as-a-Service (BaaS) platforms.
• Embedded finance, enabled by BaaS, offers traditional banks access to a large customer base, new data sources, and monetization opportunities.
• A BaaS approach, strategically defined and powerfully deployed, well supported by the management, and enriched by the right mix of partners and products, is the recipe for maximum benefits.
THE BANKING 4.X WOW FACTOR CAN AMPLIFY VALUE
Customers are still frustrated by cross-channel friction, despite bank efforts to deliver an omnichannel experience.
• Banking interactions are shape-shifting as customers demand intuitive, integrated, omnichannel experiences that are intelligently personalized and on-demand accessible – anywhere, 24/7.
• As frontrunners transform to Banking 4.X, they will keep customers at the heart of the journey by tracking behaviors and sentiment through smart data analytics.
The report is available HERE.
Publié le 08 avril 2021