In today’s omnichannel environment, financial institutions need an innovation process that provides products and services to meet both the existing and future needs of customers.
Why are so many banks struggling to adapt quickly to the trends driving the need for massive transformation in their business? The pressures of dealing with increased competition, operating with limited budgets and the need to enhance capabilities in order to establish and maintain strong relationships with their customers are just a few contributing factors. In addition, historic banking infrastructure and applications have restricted agility and banks’ ability to change. The bar has also been raised with regards to consumers’ expectations. For banks to compete and successfully combat these challenges, they must innovate and quickly incorporate those innovations into every channel in which they operate.
Read more at BAI Banking Strategies