Close

Choose a country

United KingdomEnglish
South AfricaEnglish
IndiaEnglish
Nordics
NorwayEnglish
DenmarkEnglish
FinlandEnglish
SwedenEnglish
LatviaEnglish
InternationalEnglish

Are You Ready for a Revolution in Retail Banking?

Regulation and technology set to bring unprecedented change to retail banking customer experience

By the end of this decade a raft of new legislation and developments in technology will have brought about a revolution in retail banking that will see only the companies who invest in building the best relationship with their customers emerge as winners , warns leading global customer experience expert, Webhelp.

Following years of high profile failures and growing consumer mistrust in the traditional retail banking sector, new legislation is now coming to the fore which is intended to improve transparency and flexibility and ultimately rebuild the reputation of a damaged sector.

The introduction of PSD2 by January 2018 and last week’s report (Aug 9) from the Competition and Markets Authority show there is a gathering head of steam around this which banks ignore at their peril.

Coming at a time when there are huge leaps in technology, a consequence of this new legislation is that it opens the way for new entrants to gain a foothold in what has always been a closed market.

Increased ability to compare products and greater ease to switch to a better deal combined with the ability to manage a range of financial products through one simple point of contact, potentially an app, will mean retail banks will need to be more agile and more competitive.

Taking the example from other markets in which competition is fierce and customers have the flexibility to choose their provider, such as retail or telecoms, it is likely that customer experience will become the most significant battleground.

As competition becomes fiercer with challenger banks and new entrants to the market able to capitalise on and adopt new technology more easily and quickly than those tied into legacy systems and processes, ensuring the best possible customer experience will be the way to ensure customer loyalty.

The aim of the new legislation is to give consumers more control and greater power over their finances. Coming at a time when technology can make that happen, it is the customer who will decide the ultimate winners and losers in the new retail banking space. Focusing on customer experience, investing in IT and building new skills and capabilities, then become the keys to survival in what will be a more congested and competitive marketplace.

Are you ready?

 Chat to author Helen Murray on LinkedIn

What to read next? Download our whitepaper which explores the steps retail banks need to take to get ready for the PDS2 and CMA report changes

 


Tags:

Helen Murray
Article by: Helen Murray

News & Insights

Recommended for you
Solution Designer
Service Provider
Technology Enabler
News
Brits Are Looking Forward to a Traditional Family Christmas

  Electronic devices and computer games don’t make it into top 10 of gifts   With Christmas just days away, the majority of Brits are looking forward to time with friends and family this festive period, according to the latest consumer research from customer experience expert, Webhelp. An online survey of 500 UK adults revealed that 89% of people are planning to spend time with family...

News
Three Quarters of Brits Say Brexit Vote Hasn’t Changed Their Attitude to Credit

  Are we ignoring the economic indicators and heading for a debt disaster?   Arguably the most important decision in a generation in the UK, the Brexit vote has dominated political rhetoric and news headlines in recent times, but how much of an impact is it having on our future financial...

Blog
Cloud Technology: Why you should be investing

In the wake of the Forbes Cloud 100, our Innovation Director Dave Pattman looks at cloud technology. Specifically, its role in a surprisingly diverse range of sectors, including business process management and data and analytics. To learn more about why you need to be investing in the cloud,...

Case Studies
Insight Partnership with a Major Telco Provider

...

Whitepaper
Digital Coaching: Retailer Feature

'Wouldn't you rather not call me?' Why the contact centre's biggest contribution to retail success is to drive contact online. Two years ago the global consulting firm Deloitte threw a cat among the retailing pigeons with its prediction that by 2020 physical stores would be replaced by...