Per Starling Bank’s report ‘Revolution or Evolution’, traditional banking consumers are fed up.
Top frustrations with current UK banks include unclear and complicated language and charges, complicated products that don’t fit with lifestyle, processes and technology that takes too long and banks’ superior or unhelpful attitude.
Bearing this in mind, UK and offshore company formation agents, Turnerlittle.com took to investigating the business priorities of global banks in 2018, to better understand what our banks are doing to restore customer faith.
To clarify findings, Turner Little spent time analysing the report ‘Global Banking Outlook 2018’ released by EY in 2018.
Comprising a survey of 221 financial institutions across 29 markets, the report reveals bankers are positive about their ability to improve their financial performance in 2018.
Turnerlittle.com observed the priorities for global banks in 2018 which were broken down into five main categories: protect, control, grow, reshape and optimise.
To ‘protect’ comes out top. In fact, the highest priority in every category is to ‘enhance cyber and data security’ at 89 per cent, plainly indicating this is an urgent focus.
Other high priorities include to ‘implement a digital transformation program’ (85 per cent), to ‘recruit, develop and retain key talent’ (83 per cent) and to ‘gain efficiencies through technology adoption’ at 82 per cent.
Lower priorities include, to ‘optimise the balance sheet’ (78 per cent), to ‘meet Press information for immediate release Turnerlittle.com compliance and reporting standards’ (77 per cent) and to ‘improve risk management’ at 77 per cent.
“It’s clear traditional banks need to embrace digital advances, such as those under the FinTech umbrella, to drive opportunity,” said Turnerlittle.com managing director James Turner.
“Not only will this improve efficiency and help to manage risk; it’s critical to sustainable success. In fact, it is understood embracing digital innovation will provide banks with the key to reach their goals in 2018 and to appease fed up consumers.
“It’s time to move with new advances, rather than wasting energy, money and custom fighting the tide.”
Within the next three years, 40-60 per cent of companies will choose to purchase digital advances in areas such as AI, AR & VR, cloud technology, cryptography/cybersecurity technology and identification software based on biometrics.
Further to this, Turnerlittle.com identified the top five reasons banks will invest in technology this year.
Strengthening competitive positioning and building market share is the number one reason banks will look to invest in technology at 70 per cent.
This is followed by expanding their ability to acquire, engage and retain customers (67 per cent) and generating cost savings and operating efficiencies (62 per cent).
Closely followed, was mitigating growing cybersecurity threats (58 per cent) and driving digital transformation program at 51 per cent.