How can banks survive and thrive in a world of automated finance?

Abstract

What will be the role of the bank in a world where managing our finance is increasingly automated? To survive the next stage of evolution of the industry, banks will need to find a way to make customer interactions as relevant at the individual level as those delivered by the most insightful, best-in-class digital brands across the spectrum of their lives. But with a market that is ripe for such personalisation, why is it so difficult for banks to really know and understand customers? This paper will look at the challenges that traditional banks face both externally (including consumer trust, competitive innovation and big tech encroachment) and internally (including data silos, legacy systems, strategic vision and competition for qualified talent) as well as the opportunities that await them to increase engagement, loyalty and growth. It will also consider what success looks like for banks that can meld automation into a personalised experience that makes the financial well-being of the customer the top priority.