4th July, 2016
Last week, Strands participated in a panel discussion at The World Savings and Retail Banking Institute (WSBI) Annual Meeting in Bangkok. Over 2 days, WSBI brought together savings and retail banks from 80 countries, representing the interests of approximately 6200 banks in all continents.
The expert panel, called "Banking in the 21st century: a customer-centric approach", was moderated by Bob Hayward of KPMG IT. Representing the Fintech perspective was Strands Lead Business Developer (APAC) Xavier Marcillac, who was joined by bankers from BancoEstado Chile and Government Savings Bank Thailand.
"The new normal for the financial services industry is characterized by a fast moving digital revolution and disruption by new market entrants within an environment characterized by a tsunami of international regulations," summarized Xavier. "All of these factors are challenging traditional banks' business models and revenue streams. At the same time, customer expectations are changing in line with the diffusion of tech innovations which have become part of the fabric of everyday life in a hyper-connected world."
An additional challenge is how to strike the balance between consumer protection and using in-house and big data to improve the customer experience on all customer touch points in an omni-channel approach. Linked with this is the big threat of cyber security, which is one of the biggest challenges that banks, governments and other industries have to tackle today.
Xavier shared the following takeaways from the meeting:
For more information, see the event website.