Now is the time for U.S. banks to become 'digitally proficient'
TweetFollow Us on Twitter

Now is the time for U.S. banks to become 'digitally proficient'

Transformative moment strikes banking sector
 
Banks in the U.S. may have up to $45 billion of their profits at risk from digital disruption over the next three years, according to research by McKinsey & Company, underscoring the urgent need for these banks to upgrade their technology to meet the demands of an increasingly digital economy. Continuing to rely heavily on older legacy systems may lead to a significant loss of market share, as well as other challenges that threaten the business model favored by traditional players.
 
The report added that entry barriers for non-bank competitors may be easing, and large tech players may be able to come between banks and their customers. In an environment where many customers would rather use their smartphones or computer tablets for their banking needs, banks must to implement the right balance between human and digital interactions with their customers.
 
"Traditional banks and other financial institutions are facing the same challenge today as other industry sectors: trying to best answer the question of how to successfully integrate digital technologies into their operations, in order to retain a competitive advantage and enrich the customer experience,” Anil Jain, senior vice president and head of North American Operations at global IT and business solutions provider Syntel (www.syntelinc.com), “while there has been a large influx of fintech companies competing for banks' customers, many banks' operations have already undergone digital modernization, while others are collaborating with fintechs to provide the latest innovative technologies to their clients.”
 
The need for banks to adapt to the digital age is further reinforced by a dramatic shift in how customers handle their banking needs. With the ability to bank from anywhere with digital devices, customers are avoiding bank branches in droves, forcing many U.S. banks to eliminate or reduce branch staff in an effort to trim brick-and-mortar operating costs and for many, to redirect their efforts toward digital offerings. In fact, PwC reports that it expects to see at least 20 percent fewer branches by 2020.
 
The Millennial generation, which has grown up in the age of instantaneous communication, is largely credited with driving the shift to digital banking. According to a recent Salesforce.com survey, more than one quarter of Millennial-aged bank customers are completely reliant on mobile banking apps. The survey also found that three-quarters of Millennials are at least somewhat reliant on a mobile banking app to handle tasks as depositing checks, monitoring their balance or paying bills.
 
"In order to ensure survival in a rapidly changing business environment, it is essential that banks’ core operating systems are able to evolve to meet changing consumer expectations and the new realities of the digital age,” said Jain.

 

Community Search:
MacTech Search:

Software Updates via MacUpdate

Latest Forum Discussions

See All

Combo Quest (Games)
Combo Quest 1.0 Device: iOS Universal Category: Games Price: $.99, Version: 1.0 (iTunes) Description: Combo Quest is an epic, time tap role-playing adventure. In this unique masterpiece, you are a knight on a heroic quest to retrieve... | Read more »
Hero Emblems (Games)
Hero Emblems 1.0 Device: iOS Universal Category: Games Price: $2.99, Version: 1.0 (iTunes) Description: ** 25% OFF for a limited time to celebrate the release ** ** Note for iPhone 6 user: If it doesn't run fullscreen on your device... | Read more »
Puzzle Blitz (Games)
Puzzle Blitz 1.0 Device: iOS Universal Category: Games Price: $1.99, Version: 1.0 (iTunes) Description: Puzzle Blitz is a frantic puzzle solving race against the clock! Solve as many puzzles as you can, before time runs out! You have... | Read more »
Sky Patrol (Games)
Sky Patrol 1.0.1 Device: iOS Universal Category: Games Price: $1.99, Version: 1.0.1 (iTunes) Description: 'Strategic Twist On The Classic Shooter Genre' - Indie Game Mag... | Read more »
The Princess Bride - The Official Game...
The Princess Bride - The Official Game 1.1 Device: iOS Universal Category: Games Price: $3.99, Version: 1.1 (iTunes) Description: An epic game based on the beloved classic movie? Inconceivable! Play the world of The Princess Bride... | Read more »
Frozen Synapse (Games)
Frozen Synapse 1.0 Device: iOS iPhone Category: Games Price: $2.99, Version: 1.0 (iTunes) Description: Frozen Synapse is a multi-award-winning tactical game. (Full cross-play with desktop and tablet versions) 9/10 Edge 9/10 Eurogamer... | Read more »
Space Marshals (Games)
Space Marshals 1.0.1 Device: iOS Universal Category: Games Price: $4.99, Version: 1.0.1 (iTunes) Description: ### IMPORTANT ### Please note that iPhone 4 is not supported. Space Marshals is a Sci-fi Wild West adventure taking place... | Read more »
Battle Slimes (Games)
Battle Slimes 1.0 Device: iOS Universal Category: Games Price: $1.99, Version: 1.0 (iTunes) Description: BATTLE SLIMES is a fun local multiplayer game. Control speedy & bouncy slime blobs as you compete with friends and family.... | Read more »
Spectrum - 3D Avenue (Games)
Spectrum - 3D Avenue 1.0 Device: iOS Universal Category: Games Price: $2.99, Version: 1.0 (iTunes) Description: "Spectrum is a pretty cool take on twitchy/reaction-based gameplay with enough complexity and style to stand out from the... | Read more »
Drop Wizard (Games)
Drop Wizard 1.0 Device: iOS Universal Category: Games Price: $1.99, Version: 1.0 (iTunes) Description: Bring back the joy of arcade games! Drop Wizard is an action arcade game where you play as Teo, a wizard on a quest to save his... | Read more »

Price Scanner via MacPrices.net

Apple’s M4 Mac minis on sale for record-low p...
B&H Photo has M4 and M4 Pro Mac minis in stock and on sale right now for up to $150 off Apple’s MSRP, each including free 1-2 day shipping to most US addresses. Prices start at only $469: – M4... Read more
Deal Alert! Mac Studio with M4 Max CPU on sal...
B&H Photo has the standard-configuration Mac Studio model with Apple’s M4 Max CPU in stock today and on sale for $300 off MSRP, now $1699 (10-Core CPU and 32GB RAM/512GB SSD). B&H also... Read more

Jobs Board

All contents are Copyright 1984-2011 by Xplain Corporation. All rights reserved. Theme designed by Icreon.