Reorienting the business model
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.
