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Head of Operations & Innovation, CivilisedBank, UK
Banking has remained largely unchanged in recent decades despite rapid technology-driven transformation advancing industries including commerce, travel, transportation, communications, food & dining and more.
Banks began offering online access to accounts in the late-90s and early-2000s and largely stopped there in terms of digital innovation. The products and services... read moreoffered by banks are similar to those offered decades ago, and internal and customer facing processes remain slow, cumbersome, paper-based and error prone.
Manual processing is costly and exposes banks to unnecessary operational and, in some cases, credit risk, the costs of which are passed along to customers, undermining the value proposition for customers.
Modern, scalable, cloud-based technology makes it possible to automate and remotely deliver much of what banks do, driving down costs, increasing speed and efficiency, reducing risk, and creating more value and better experience for customers.
FinTech promises to fundamentally change the banking sector, at the very least modernizing it and potentially reinventing it completely.