Summary of Whose Customer Are You?

Looking for the report?
We have the summary! Get the key insights in just 5 minutes.

Whose Customer Are You?  summary
Start getting smarter:
or see our plans

Rating

7 Overall

7 Applicability

7 Innovation

7 Style


Recommendation

Many banks redirected their strategic priorities away from post-Great Recession regulatory imperatives to focus on digital banking. For these institutions, the question is not whether to implement the technology, but rather how and when. They’ll need to consider carefully the how: Agility at the expense of secure data and money is no virtue at all, according to this robust analysis from researchers at the Economist Intelligence Unit. getAbstract recommends their useful report to financial services professionals.

In this summary, you will learn

  • Why banks are giving strategic priority to implementing digital technology,
  • What options financial institutions have in redefining their business models and
  • What risks they face in embracing all things digital.
 

About the Author

The Economist Intelligence Unit is an independent research and analysis organization.

 

Summary

Digital technology has already disrupted traditional banking on several fronts: Smartphone apps and electronic wallets have eroded conventional service delivery modes such as ATMs, call centers and bank branches. Back offices have become more efficient. New technologies have improved fraud detection and compliance capabilities. But over the 2018 to 2020 horizon and beyond, banks will need to respond more flexibly to changing consumer preferences. New fintech start-ups, along with titans of the technology world – Facebook and Google among them – are entering the financial services arena with next-generation products and transaction options. The infrastructure taking shape is via open banking, which is readily adaptable to varying needs. This technology conducts business across “physical and digital channels.” The downside is that the platform works by sharing client information with outside apps. Such data sharing could compromise customer security and leave banks vulnerable to technology competitors. 


More on this topic

By the same author

The Future Is Now
The Future Is Now
7
The Strategic CFO in a Rapidly Changing World
The Strategic CFO in a Rapidly Changing World
7
Worldwide Cost of Living 2018
Worldwide Cost of Living 2018
8
Cause for Concern?
Cause for Concern?
9
A Summary of the Liveability Ranking and Overview
A Summary of the Liveability Ranking and Overview
7
Who’s Got Something to Hide?
Who’s Got Something to Hide?
8
Breaking Borders
Breaking Borders
8
The Hyperconnected Economy
The Hyperconnected Economy
8
Financial Services: China
Financial Services: China
7
The Economist Intelligence Unit's Liveability Survey
The Economist Intelligence Unit's Liveability Survey
7
Brazil
Brazil
8
India
India
8
Energy
Energy
6
Automotive
Automotive
7

Customers who read this summary also read

Global Corporate Banking 2018
Global Corporate Banking 2018
8
A Digital Future
A Digital Future
7
Global Payments 2017
Global Payments 2017
8
How Do Banks Interact with Fintechs?
How Do Banks Interact with Fintechs?
7
Symbiosis
Symbiosis
8
The Marriage of High Tech and High Finance
The Marriage of High Tech and High Finance
7

Related Channels

Comment on this summary