Retail Banks are continuing to grapple with multiple challenges – complex and diverging regulations, increased competition, legacy systems, disruptive technologies, and higher customer expectations.
The global financial crisis in 2008 can increasingly be put behind us, but its legacy lives on in the ensuing regulation, market sentiment, and investment returns. This has now led on to new questions, such as whether Banking returns on equity (ROE) can readily withstand the impact of an unexpected economic downturn? What will be the actual fallout from Brexit?
There is an increasing focus on Retail Banking operations as to how they can adapt to the changing environment, quickly, cheaply and effectively. They need to innovate more efficiently, re-consider the role of the workforce, better leverage talent, consider the emerging risks (such as cyber-security), transform their technology, and find ways to develop deeper relationships with customers in a digital world.
Indeed, today there is an increasing recognition that Digital Transformation has become not just a business priority but a business necessity. It is not an add-on, it is becoming the heart of the Retail Bank. How can this be delivered quicker? How do we manage the risks? How can we make it workable and scalable?
The opportunity is there for Banks to do less themselves and take advantage of industry utilities, technology innovators, and to use partners to support investment, reduce costs, deliver better services, and better protect their organisations.
At Hillbrooke we can help you seize the opportunity to leverage partners to deliver Operational Transformation and do more – bigger and quicker. We have deep-dive Retail Banking expertise from ATM Outsourcing, through optimising Shared Service contact-centre operations, robotising labour-intensive processing, through to delivering Digital Transformation. – Talk to us.