The banking sector is one of the most highly regulated and risk averse industries in existence today, so it shouldn’t be a surprise that the pace of innovation – whether technological or otherwise – can seem quite slow.
Resistance to change is a dangerous stance. If an incumbent doesn’t respond to changes in customer and market needs, it could find that it has acted far too late.
Banks and financial services institutions therefore need to use all the tools in their toolbox to ensure that they can remain competitive, balancing risk with a concern for customer benefits and employing technology as an increasingly important enabler of new customer experiences. Read more here...
Published by Customer Focus on 27th September 2011.
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