The Covid-19 pandemic has changed consumer behaviour. It made them adapt to a more digital world and banks must do the sameWith consumer expectations rising faster than ever, delivering emotionally rich journeys has become an imperative. At the same time, differentiation of products and pricing is becoming increasingly difficult and financial institutions should rethink how they can deliver an exceptional experience across the entire customer journey. Leading financial institutions should improve experiences by simplifying back-office processes…

Bancassurance refers to the collaboration between a bank and an insurance company where insurances are sold to the bank’s customersThanks to the elimination of brokerage costs, bancassurance models are becoming quite popular around the globe. Unfortunately, there still exists no consistent model for bancassurance around the world. There are several factors such as tax, regulation, banking and penetration, local customs etc. which determines its success. As insurance companies look for new opportunities to penetrate new markets,…

Meeting liquidity requirements in banks will require major operational, financial and structural changes and a move away from short-term wholesale funding towards a longer-term funding strategyCrisis arises when banks are unable to roll over short-term financing causing investors’ confidence to take a nosedive, which leads to liquidity congestion within the financial institutions. Liquidity coverage ratios aim to strengthen banks against adverse shocks by eliminating structural mismatches between assets and liabilities, encouraging more stable sources of funding…

In this digital era, the banking industry is undergoing fundamental but revolutionary changes brought about by the advancements in technology.For example, many banks in favour of digital transformation have adopted the Open X ecosystem which fosters a banking environment with seamless data-sharing, integrated marketplace, easy access to comprehensive collaborations, improved customer experience, and advanced product innovation.With better specialisation and the entrance of big techs into the scene, Open X ecosystem may become one of the…

This new wave of accelerated demand for digital and self-service interactions is only expected to continue. And its challenging banks and financial institutions to transform the way they do business — to innovate faster, differentiate their offerings and offer a greater breadth of digital products and services. It’s also intensifying the need for personalized experiences, advice and guidance. Financial institutions that fail to make the adjustment will fall even further behind. To get things moving…

Survival in the post-pandemic era may require an overhaul of the traditional banking system and inception of a digital transformationIn this digital era, the banking industry is undergoing fundamental but revolutionary changes brought about by the advancements in technology.For example, many banks in favour of digital transformation have adopted the Open X ecosystem which fosters a banking environment with seamless data-sharing, integrated marketplace, easy access to comprehensive collaborations, improved customer experience, and advanced product innovation.With…

When covid hit and eliminated all in-person banking, smaller banks were caught off guard but responded quickly by offering digital services and creating new opportunities. This speed in response cannot stop despite the improvements made. Now, more than ever, smaller financial institutions must find ways to match the digital maturity of larger firms.A digital strategy that enables the organisation to stay ahead of the competition is just around the corner. But only if it can…