EY’s consumer banking survey reveals how rising consumer expectations and the competitive landscape are intensifying the need to transform.
Technology and digitization have created opportunities for new players to emerge in banking, just as they have in nearly every other sector of the global economy. Consumers are turning to super apps, FinTechs and big tech platforms for essential financial services, such as deposits and payments.
Incumbent banks around the world should act with urgency to protect their advantages, which are under direct attack by these new providers. They must also build new business models capable of satisfying today’s consumer needs, and evolving and scaling to meet future needs and market developments. The latest NextWave Global Consumer Banking Survey highlights how current trends are tilting the competitive playing field toward areas where neobanks enjoy advantages. They also reveal a generational shift in consumer perceptions of trust and the strong preference for integration among different providers and services.
The survey results confirm why stronger personalization capabilities and ecosystem business models are essential for banks to maintain their customer relationships and chart a viable path to growth. Read the full report here.
Shankar Kanabiran, Malaysia Financial Services Consulting Leader and Partner, Ernst & Young Consulting Sdn Bhd, recently shared his thoughts with BFM 89.9 on the future of banking and how SMEs are evolving their approach to banking. Catch his interview here.
“EY Malaysia” refers to one or more EY member firms in Malaysia.
