Digital engagement is the key change factor as more business moves online and mobile and omnichannel solutions grow. Banks must stay on top of technological developments to remain competitive and prevent agile newcomers from taking market share. Regulation is increasingly evident and banks must ensure that their platforms and activities remain compliant as well as meet the expectations of today’s customers.
Company specific thoughts:
Early adopters of digital technology and those who have made investments across products and regions will be in a good position. Banks that meet these criteria include ING, BBVA, and DNB. Banks that have low returns, and are therefore more focused on saving costs, will have fewer resources to invest in digital banking and may be disadvantaged. The banks in this category are DBK and CBK.
Financials: Up close
The future will be determined by those who are willing to reinvest, adapt and turn future threats into opportunities.