The recent Competition and Markets Authority (CMA) report set out a vision of how technology can be used to inject competition to the £16 billion personal current account and small banking market.
Challenger banks criticised the report, stating it focuses on the needs of the larger players who dominate the field, and not highlight other measures to increase competition and choice for customers.
At Syntel we believe that customers should be at the heart of any digital business strategy.
The banking sector is undergoing many changes as a result of technology, digital modernisation and new entrants. It’s like changing the wheels on a moving car. Banks cannot afford to stop operations, but need the necessary tools to modernise their services to develop the digital capabilities they need to engage the digital native consumer.
Research from the Social Market Foundation revealed that High Street bank branches play an important role in the management of customer money, as 63% of consumers prefer to talk to someone face-to-face when making a big financial decision.
In the new digital landscape, customers are brand agnostic and loyal chiefly to accessibility and convenience. Paradoxically, they also desire a level of face-to-face interaction. Banks must understand that going digital doesn’t mean everything is online.
There must be a balance between the in-store branch and online activity. Through back-end automation, banks are able to relocate resources to the front end to promote a better level of face-to-face customer service.
Nitin Rakesh is CEO & President of Syntel
