The past year has been a challenging yet an interesting one for the banking industry. While economies across the globe have been in recession with some getting back on the recovery path, the global markets, surprisingly, have been booming. Banks have played a pivotal role in facilitating the economic revival and growth by participating in various government-funded aid programs.
But to thrive in the post-Covid reality banks need to build a resilient and adaptable core. Following would be the key considerations for future proofing:
- While banks have adopted a humane approach towards their clients in need, climate change-led uncertainties are likely to continue. We expect banks to act in the larger interests of the planet and humanity when it comes to the purpose for which they lend and invest in and ensure funds flow into sustainable enterprises.
- Banking also needs to become more agile and responsive to the evolving needs of its clientele. There is a generational change in the clientele resulting in diverse expectations from the perspectives of product portfolio, client interface and contextual awareness. Banks of the future need to be more smart, leveraging the cognitive enterprises that they have been building to become more autonomous and intuitive in the way they run the business.
- As new realities emerge, the future ready banks will have to be the custodians of their customer journeys ultimately fulfilling the purpose of the journey. To do this, banks must integrate their offerings with players in adjacent industries and offer a more holistic value proposition to their clients and operate within seamless ecosystems. We see them increasingly, become boundary-less.
Against this backdrop, we invite you to participate in the 60-minute webinar to understand and discuss the future of banking. We, at TCS, believe that the banking is evolving towards becoming more humane, smart and boundary-less. Let us build on that belief!