The world is changing, and banks must try to keep abreast of technological developments that may affect their industry. The opinion of Stephen Brobst.
We are living in the fourth Industrial Revolution, a period which could improve the quality of life for populations around the world, increasing their overall efficiency and pleasure. The ways in which we get things done and even our personal identities are changing. Thus banks have no choice: they must join the digital revolution and redesign their operating models. In this respect, US companies have a big advantage in the service sector because of digital advances in the country over the last two decades. To close the gap, the EU would have to invest €335 million in information and communications technology.
Where exactly is the value in digital banking for banks and for customers?
Almost all banks are going through a socalled digital transformation because younger generations tend to conduct their transactions online. They don’t value the branch banking experience, don’t want to stand in the cue, don’t want to interact with human beings … These changes mean that banks need to create a completely different experience for consumers.