In a scenario in which great technological giants are focused on finance -the last has been Apple with its Apple Card- and in which the fintech have led the banking sector to adapt little by little to the new generations, which is to happen is that in a few years our relationship with these financial entities will be transformed.
A few years ago it was unthinkable that a day could come when we would do without credit cards. But everything seems to indicate that the mobile will replace them. Today, 66% of users perform banking transactions through the Internet and three out of ten would be willing to contract the services of Google, Apple, Facebook or Amazon, according to an Accenture report. These data give an idea of where we are going and banks will have to adapt completely to these new profiles.
These changes will also affect the dynamics of the branches. They will need to redistribute employees “from individuals to a team of equipment”: by 2025, they will restructure in five spaces to offer two services, according to Bain & Company.
One of them is dedicated to the realization of transactions as a self-service and another to the rest of operations, such as the complex ones or those that cash is handled. Another welcomes all those who need product advice. They will also enable an area to educate customers in the use of digital self-service tools to adopt these new technologies. And, finally, a room in which to receive partners who make presentations to involve customers. So the branches are necessary but reinvented.
They also face enormous challenges in terms of business models. For Accenture, these four are what will define the future of banking:
The managers of digital relations
“They provide integral digital experiences”, what the consultant calls Everyday Bank (personalized and experiential services beyond the traditional, for example, those related to travel, housing or medical care).
The digital category Killers
“They identify a profitable niche and focus on it.” Your success will depend on your ability to innovate and maximize the distribution of the best products and services through multiple channels.
The experts in open platforms
Through it, they interact with customers and create and sell their products and services. They use digital tools to connect the business ecosystem of partners that includes fintech and other competitors.
Functionality providers
They offer standardized product solutions or transaction processes to other banks.
Although the banks have already started with this digital transformation, they still have a long way to go, especially in the operational structure, which will require considerable investment and efforts to update the processes and systems. In addition, they face new competitors such as fully digital banks, which force them to evolve. The hard part is choosing the path.