Forbes partnered with market research firm Statista to measure the best banks in more than 20 countries by surveying more than 40,000 customers. The financial crisis of 2008 helped to reshape and consolidate the banking market, the crisis of 2020 os helping to accelerate the digitization of banking across the globe. “Banking has changed irrevocably as […]
Digital services and new customer requests. How do banks respond to the current situation? Banks must transform the operating model to a pandemic and improve the quality of services for customers. The need to use digital technologies to serve individuals and entrepreneurs is particularly high today. Demand for digital services is growing, particularly users using […]
Banks facing slower growth are on the lookout for a new relationship model. The new imperatives for banks include rebuilding trust in the era of Open Banking and transforming customer interactions into hyper-relevant, personalized experiences. Accenture’s survey of 120 global banks shows that nine out of 10 banks are strongly interested in customer-facing ecosystems, with […]
The banking industry is undergoing a paradigm shift in which traditional players are struggling to stay relevant in terms of product offerings, future-ready innovations, seamless, and individualized customer experience at every touchpoint, and service engagement. Competition from BigTechs and challenger banks is adding complexity and encouraging banks to move beyond traditional products to meet hanging […]
It’s 2020, and things could get stormy for banks. The start of a new decade is a good time to forecast what’s ahead for retail and commercial banks in 2020. Meteorologists make a distinction between long-term trends in climate and the short-term fluctuations that they call weather. In a similar way, bankers need to manage […]
It’s fair to say that over the last decade, the world of financial services has changed irreversibly. The after-effects of the financial crisis combined with the rise of technological innovation has created a whole new world of banking and finance: from enhanced regulatory pressure, with the likes of AML4/5, PSD2 and GDPR making their entrance, […]
Banks must operate more like technology companies in order to stay relevant for years to come, executives in the financial services industry say. “I happen to believe that many banks, perhaps not all, are well-positioned to build brand new products,” David Rafalovsky, chief technology officer at Russian state-owned lender Sberbank, said during a panel at […]
Dwindling are the days of brick-and-mortar banks and tellers behind counters. Now, banking is all about what happens on a screen, from traditional banks offering apps to online-only banks you’ll never meet in person. Looking at data from Finder’s Neobank Adoption survey (“neobank” is the technical term for an online-only bank), it’s obvious that digital banking isn’t […]
The near future is bright for challenger banks when it comes to gaining stronger adoption among consumers: 68% of consumers say they are currently using a checking or savings account from a challenger bank or are likely to in the next three years, and 68% said the same about credit cards from challenger banks, per […]
McKinsey & Company has recently published its Global Banking Annual Review entitled “The Last Pit Stop? Time for Bold Late Cycle Moves.” The document is an examination of the global banking industry, based on a survey of over 1,000 banks globally. McKinsey suggests the banking industry is approaching the end of the current economic cycle […]