Being Transformed by Technology
While the banking business has been around for centuries, recent developments have made significant changes to this well-established business. Bankers have realized that they have large volumes of data. They also understand that data, when used properly, can have significant value. Accurate and detailed client-related data can be worth a fortune.
Successful banks have formed a strong relationship with their clients. Essentially, a bank wants to get their clients to really like their bank. Ideally, a bank would like to have clients that are very loyal to their financial institution.
Barrend Asset Management has a team that is focused on the banking sector. Our team carefully researches how banks operate. They closely examine the details of how a bank operates. The team considers the various ways that clients interact with their financial institutions. We identify how automation has been used and analyze how it can be improved upon.
We can then be in a position to make appropriate suggestions and recommendations about how the services of a particular bank can be improved. By working with our banking sector clients, we can assist them to better identify key factors that will improve their standing with their clients. After all, happy customers are a key to a bank’s success.
The past decades have shown us how technology has impacted the financial sector. Studies now point to even greater disruptions that can be expected in the banking field. Some research is forecasting changes that may affect nearly half of the banking as we know it.
Converting Problems into Actionable Business Intelligence
Much of modern banking now involves technology, data management, data mining and advanced computing. In the very near future we can be sure that even more powerful computers, including quantum computers, will be used. Artificial intelligence is sure to play a part in moving the banking sector forward. All these advances will have an impact on banking but also on how customers see their bank and interact with it. Customers want the faster speed that computers bring. They like how easy it has become to bank from virtually any connected device. At the same time customers are concerned about data breaches and how their own personal information may become available to third parties.
Astute bankers will want to leverage the new technologies to their advantages while at the same time avoiding the pitfalls that may be part of those same technologies.
At Barrend Asset Management, we are looking at the banking sector and have formulated a plan for the near future. There are too many areas to cover in this overview, but we wish to point out a few key points that are worthy of special attention.
New Financial Operations
Since so much of modern-day banking can be operated from any connected device, some wonder what the future of a traditional bank is. Already more and more banking procedures are being done online. Clients can now do most of their banking via their computers, tablets, smart phones or bank machines. Some branches have significantly reduced the number of staff members that work in client services. Others have automated many of their banking operations. So, is there still a need for a physical bank? The Barrend team continues to look at the changes, their impact and how to leverage the changes into new and improved financial operations.
The Client Comes First
The old saying that the client comes first still applies. Clients services and customer satisfaction will continue to be vital to the banking industry. Since there is more competition and more banks to choose from, client’s needs have to be kept at the forefront of any successful bank. But how do banks provide better services while reducing costs and improving client satisfaction. This too is an area of specialized study for the Barrend team.
Advanced Partnership Options
In the past we have seen how banks went into the insurance field and how insurance companies started to offer banking services. Online operators started to offer services that traditionally would have only been available at a local branch. Large corporations have issued their own credit cards and some major supermarkets have even managed to create their own banking divisions. The next phase is likely to see technology companies combining services with banks. Barrend notes that the financial services sector is going through a major upheaval and the change are likely to be monumental. How do banks survive in such a turbulent time? How do banks thrive in such challenging situations? Answering those and many other important questions will a key to how well banks do in the coming years.