The upcoming September issue of Dialogue will include an exclusive feature on building the bank of the future from Banco Santander’s corporate director for innovation José Maria Fuster Van Bendegem. Here’s a sneak preview from José, only on dialoguereview.com
What should the bank of the future look like? Let’s remove ourselves from today’s banking system and instead imagine where we will stand within a decade. We will be in a world where social changes that are beginning to emerge today will be in full force.
Today’s so-called millennials and their values will have a substantial influence in all areas of the economy. With this to come, it is imperative that all the large banks, which currently dominate the financial landscape, think about the bank of the future.
The bank of the future is yet to be built, but we already know some of its characteristics:
1) It must have a global reach. This will require a new political and legal framework, providing consumers with unique services that don’t exist today. It will also contribute to global economic development, facilitating the global economic flow of the digital economy
2) Banks will be customer-focused, forcing them to overcome the traditional product silos model of management
3) There will be extensive use of technology. The chief technology officer will be a key figure of the company
4) It will be run through digital processes with minimal friction. These will operate with significantly lower costs, benefitting from a model of decreasing costs based on scale
5) It will provide new, personalised, services to clients based on the intelligent use of data
6) It will require a team of people that combine business and technology knowledge in order to cover all of the key roles. All employees will have to be “digital natives”
7) The new banks will consider data as a valuable asset, instead of a necessary cost. Data management will be a key function
8) They will implement progressive models of open organisation, where collaboration outside the doors of the bank will be the norm, and not the exception
9) It will have a culture that rewards entrepreneurship and innovation; always looking to satisfy the needs of clients
10) Marketing will be based in data; therefore, the “data scientist” will play a fundamental role
11) The customer experience will be at the centre of all proposals
The bank of the future will clearly be a digital bank, but what do we really mean when we refer to the digital bank? Download the next edition of Dialogue to find out – available in early September.