I have worked with Sankar Krishnan, Executive VP of Strategy & Corporate Development at Capgemini, over the last few years and it has been an incredible learning experience. He has played the role of in-house banking futurist and has some of the sharpest takes on the direction the banking market could take, and how incumbents can frame their strategic responses. In his latest webinar,  he shares his perspectives, alongside other industry veterans, on the far-reaching implications of the pandemic on banking and payments

 

Some of the key take-outs that are highlighted include:

  • The relationship banks have with customers has become increasingly virtual and is predicted to move further into the digital world. This has necessitated a significant re-think around how customer interactions are enabled through remote and digital channels. Hence, it is now crucial to have digital journeys in place that are without friction, and that can be flexed in accordance with customer needs. Failure to maintain these “long-distance-digital” relationships, in highly contextualised and personalised ways, could potentially lead to another form of attrition if not addressed proactively
  • Cash was a convenience and now has become a little tedious to manage from a health and safety perspective, as well as managing the economics of the migration of cash into other micropayment methods. Much consideration has been given to “cleaning currency” during the pandemic, but there have been no enduring mechanisms for keeping notes and coins free of germs. In a morose way the pandemic could be the black swan event that forces cash out of circulation more permanently
  • The anticipated economic downturn requires a further focus on refreshing stagnant banking models. These new 4.0 models need to cater for further digitisation and have the ability to expand into new markets to maintain, or grow, revenue lines. The last decade has illustrated that if banks are to continue to hold on to customers, and innovate to stay relevant to consumers, they need to think about themselves as technology companies that happen to do banking. In the pursuit of survival, and the ability to thrive, the burring platform has become the urgent need to address technology and operating model modernisation. This is more than just about adopting new tech, or moving to the cloud, its about creating a culture that can help banks redefine themselves for what is now expected of them from all customers, not just the millennials

For more insights check out the webinar below, to hear from Sankar Krishnan, Abdelslam Alaoui (CEO at HPS), and Tim Sloane (VP of Payment Innovation at Mercator Advisory)

https://www.paymentsjournal.com/how-digital-acceleration-will-affect-the-payments-industry-and-how-to-keep-up/

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