Established credit institutions and financial services providers must rethink their strategic orientation. Technology companies from other industries such as Apple and Google, providers such as PayPal, but also smaller financial services companies and FinTechs are attempting to gain market shares with focused customer orientation and simple solutions. The tech companies are supported by the changed user behaviour of customers: in the meantime, they mainly implement their financial transactions through the internet and mobile devices.
In order to stand up to the new competition, banks need to reorient their business models, identify new sources of income, and become more efficient in their core business. This can only be achieved with the use of new technologies. But an open business culture and new skills of managers and employees, as well as an agile form of organization are inescapable. At this point, every bank must ask itself the question about its own digital future because it requires a clear strategy.
A digital reorientation of the business model is a great challenge: market position, industry expertise, and customer relationships must be reflected in an innovative product and service range. An open ecosystem is the prerequisite for the development of a future-proof digital strategy. The focus moves to the added value of the services and less the banking product. In addition, banks must place more emphasis on topics like security, regulations, and data protection towards their customers.
Decisive for the future success as a digital bank is the development into a digital platform bank – and the associated integration of the IT architecture in the company. The use of new key technologies helps banks not only increase customer loyalty. At the same time, it ensures new sources of income and decreases costs. The development into a technology company thus has not only strategic relevance for banks.
We have been supporting businesses in the digital reorientation of their business model for many years. Our experts have acquired know-how and experience from a multitude of successful consulting projects in the area of financial services and know the internal challenges of digital transformation processes. This way we accompany you on your way to digital leadership.