Grow: invest in staff and technology to support innovation
Global Banking Outlook 2017
Invest in staff and technology to support innovation
In recent years, banks have had little control over their revenue growth trajectory, due to significant headwinds from macro-economic, geopolitical and regulatory factors.
But the industry can no longer blame external factors for lack of growth. It is time for banks to focus on their customers, invest in innovation and talent and leverage their competitive advantages to compete effectively.
The grow agenda: an action plan
Actions for the next 12 months:
- Preserve customer trust: promote transparency in all transactions and proactively protect customers from data, privacy and cybersecurity threats.
- Understand customers better: use big data and advanced analytics to gain a deeper understanding of targeted customers, then leverage analytics to design service or product propositions that specifically meet their needs.
- Invest in talent: invest in front-line staff and hire technologists to interpret big data and help design targeted products and services.
Actions for the next 36 months:
- Make and execute informed decisions about products and channel strategy: leverage data to shape channel strategy, balance digital and branch investments and develop a clear design for future cross-channel customer interactions.
- Embed an innovation mindset: offer solutions that address all aspects of important stages of customers’ lives, grow customer-centric digital platforms and leverage market and customer insights to build personalized products and pricing.