Banking Industry
The banking industry: ongoing transformation
For Julhiet Sterwen, the banking industry has become a crowded one, with traditional banks being joined by neobanks, online banks and fintechs. This diversity reflects the accelerating pace of transformation in the banking and finance business. Since the last major financial crisis, the main drivers of transformation have been:
- A continual quest for efficiency to adapt organizations to the reality of a highly competitive sector and market uncertainty
- The introduction of new safeguards imposed by States and regulators
- More organized responses to increased demand for security and systemic risk reduction
New challenges
For about two years now, banking and finance service providers have been facing fresh disruption. The latest wisdom has focused on developing and fine-tuning new business models, which means revisiting the methods used to manage transformation. To meet this challenge, financial companies must focus their mindset on finding new solutions to client needs and boosting their offerings. New business models must be built and many banks are still looking for their way(s). None of them are immune from the global imperative of developing services that:
- Respect environmental and societal principles (green finance, social and ecological responsibility)
- Protect clients (inclusive banking)
- Adapt to the real needs of populations (“bankless” and virtual banking)
A different way of approaching transformation in the banking sector
To manage these new transformations, organizations need to be agents of change and willing to consider a new perspective. At Julhiet Sterwen, we are convinced that to get the most from this transition, banks should channel their efforts into:
- People
- Imagination and drive, to give projects a chance of following viable models (lean start-up, proof of concept, scaling up, steering, etc.)
- Effective partnerships with new players and institutions
- Managing innovation ecosystems (France FinTech start-ups)
- Research and business/technology monitoring (publishing white papers, etc.)
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