Smart banks can win: Leveraging next-generation technology to win the battle for the customer relationship

Abstract

The banking industry is in a period of transformation as FinTechs have infiltrated the market with innovative, easy-to-access and easy-to-use financial solutions designed to meet the evolving needs of lucrative commercial customers. This change in the industry presents banks with a huge opportunity – but only for those who are willing to think differently. This paper outlines the challenges banks face, as well as the steps they need to take if they hope to emerge victorious from this battle. The guidance covered will focus on how banks can capitalise on the lucrative small and medium-sized business (SMB) segment by delivering an intuitive, engaging and seamless customer experience; solidifying the core relationships that drive business and commercial banking competitiveness; harnessing the power of innovation to drive new sources of fee income and defend against the threat of disintermediation; and sustaining their profitable role as a trusted consolidator and digital intermediary.