The COVID-19 pandemic has brought the world in an exceptional situation. Banks notice an even more increasing need to serve the society besides their clients and staff. They have an important responsibility to sustain essential services and at the same time to protect the health and well-being of their staff. A maximum use of digital possibilities and an effective allocation of resources will form the basis of these changing demands.
PwC has put together a multidisciplinary team of experts in the field of business and software development that is able to generate IT solutions to manage business issues.
How do you ensure, in these changing circumstances, that your bank remains a relevant player? We are happy to answer that question, based on four factors which relate to client orientation, competition, the new business economy and the reinvention of your organization. For more information about the ‘Future of Banking’ you can contact our ‘FoB’ team.
The relevance that banks have for interested parties is the product of three factors: Trust, Convenience and Low costs. The higher each of these three factors are in the formula, the higher the relevance of the banks. None of the factors can be very low or negative.
How FinTech is propelling financial services (FS) and technology, media and telecommunication (TMT) firms out of their lanes.
The lines between financial services (FS) and technology, media and telecommunication firms (TMT) have been blurred. A new playing field arises. Many TMT firms are applying for FS licenses, and FS organisations have begun calling themselves technology companies.
FinTech, or financial technology, is at the epicenter of this transformation. FinTech is used to to sharpen operational efficiency, lower costs, improve customer experience and heighten the appeal of their products and services. This leads to new application possibilities:
A recent PwC survey shows that consumers are ready for the digital shake-up. The question is no longer whether fintech will transform FS, but which firms will apply it best and emerge as leaders.
‘Banks and insurers need to go that extra mile, so that ecosystems are created faster and fintech companies can join in.’