BANKING
the Customer Experience in Banking
“Challenger banks naturally have a better starting position , but even they are still short of where they want to be ”
RAFA PLANTIER COUNTRY MANAGER ( UK AND IRELAND ), TINK technology and , perhaps more importantly , process .” Plantier is in agreement : the level of digitalisation is uneven between the two factions due to different starting positions on the path of digital transformation . This is not to say incumbents don ’ t also have a natural advantage , “ Challenger banks naturally have a better starting position , but even they are still short of where they want to be . Conversely , incumbent banks have a better starting position on deposits and net interest margin generation .”
This has given rise to a ‘
battle of the banks ’, a competitive race where one strives to achieve greater customer engagement through digital channels ( incumbents ), and the other ( challengers ) seeks to gain credibility and financial security . Neither party can afford the existential risk of neglecting to improve . “ We
54 March 2021