LONDON, Sept. 30, 2020
Integrated core and digital banking platforms that generate insight and provide winning customer experiences are the key to success in today's banking marketplace
LONDON, Sept. 30, 2020 /PRNewswire/ -- In an insightful thought leadership article for Business Reporter, Michel Jacobs at banking technology provider Technisys, has described how all brands need to become an integral part of their customers' lives, and not merely add on services. Companies that fail to evolve digitally will be commoditised and will experience margin compression. They may even slide into irrelevance.
In his article, Mr Jacobs shares a telling example. During the COVID-19 pandemic, US retailer Target has seen customer traffic grow by 4.6 per cent, while Walmart has seen traffic decrease by 14 per cent. The difference between the two retail giants is that Target was quick to adapt to the needs of its consumers during the pandemic, doubling down on digital ordering and store pick-up.
According to Mr Jacobs, banks need to take lessons from successful clicks-and-mortar retailers. The goal is to move to "empathic banking," where banks are able to "identify critical events in the lives of their customers and react to those moments to provide flexible, tailored services that add real value to the customer," driving loyalty and market share.
To become an integral part of their customers' lifestyles, banks need core and digital banking platforms that are integrated. This approach will give them the "level of flexibility needed to identify and dynamically adapt to changing consumer needs and behaviours and create new, or adjust products and services in a timely fashion."
The article is accompanied by a new infomercial for Cyberbank, the digital engagement accelerator and next-generation core banking platform from Technisys.
To learn more about the future of banking, read Mr Jacobs' article here.
Notes for editors
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