Covid-19 has accelerated a significant shift from physical to digital transactions in the Middle East. As the customer behaviour and expectations continue to evolve, they are demanding a better experience from their banks.
Corporate banking has traditionally been considered a “high touch” set of services provide by the banks to business customers. Skepticism about the ROI on significant technology investments has inhibited technology deployment in corporate banking relative to that in the retail banking business.
The Covid pandemic has only validated the need for robust digital capabilities across all industries. Banks have not been immune from the demand of customers to manage their banking relationships using digital channels; especially when it comes to banking transactions and payments using the mobile phone. This accelerated adoption has identified gaps and weaknesses that banks need to address to meet these demands. …
Retail Banking Series, Part 1: Digital Trends Shaping Retail Banking in 2021 Read More »
Industry landscape Advanced technologies such as blockchain and artificial intelligence (AI), the emphasis on the platformification in banking, and the increasing demand for hyper-personalization from digital-savvy millennials have changed the industry landscape. According to Deloitte, banks must react quickly and transform boldly to be successful in this evolving landscape. The accelerated speed of technological innovation has given …
Retail Banking Series, Part 2: The Industry Landscape and The Rise of Digital Banks Read More »
Growth and profitability in the banking industry are increasingly tied to productivity metrics such as innovation, development cycle times and continuous technology investment. Digital transformation in the banking industry began in earnest more than a decade ago and reshaped retail banking by putting giving the customer more control over their accounts by providing features delivered …
Corporate Banking Series, Part 1: Corporate Banking Landscape Read More »
The business banking / corporate banking services space is being reshaped by a broad range of trends, which are driving fundamental changes: New payment service alternatives, including instant payments and cross-border payments, are lowering barriers to multibank and multi-national transaction services. New digital technology capabilities are lowering the barriers for dynamic and multibank relationships mainly …
Corporate Banking Series, Part 2: Critical Trends in Transaction and Corporate Banking Read More »
Seamless online banking and enhanced digital advice are expected to deliver up to 60% increase in operating profit over 5 years. Part of the reason for this is that many corporate- banking customers have shifted to digital banking for their personal-banking needs. Of the 85% of respondents who conduct their personal banking online, 95% said …
Much has been written over the last several years about the importance of banks transitioning their business to a digitally enabled bank. Despite the intense push for digital initiatives to better engage customers and retain their loyalties, many banks are still struggling to scale or even start their digital banking transformation. The Covid-19 virus pandemic …
Three Key Tenets of an Omnichannel Digital Banking Platform Read More »
Corporate banking has traditionally been considered a “high touch” set of services provide by the banks to business customers. Skepticism about the ROI on significant technology investments has inhibited technology deployment in corporate banking relative to that in the retail banking business.
The Covid-19 pandemic has only validated the need for robust digital capabilities across all industries. Banks have not been immune from customers’ demand to manage their banking relationships using digital channels; especially when it comes to banking transactions and payments using the mobile phone.
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