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Top 5 UK Challenger Banks You Should Know About

Posted by Anna Mielczarek on 09-Oct-2018 07:30:00

Digital Transformation has changed the established way of operating a business across plethora of industries – and banking is no exception. New start-ups keep challenging traditional service providers with a more personalised and innovative service. And although, traditional banks have been slow to adapt, they need to change it now, especially if they still want to be relevant in the industry.

Challenger banks are digital banks with no high-street branches. They are much more flexible, more user friendly, quicker to adapt to users' needs, and more personal than any traditional bank. But their biggest advantage over other well-established financial institutions is that they have been founded in the age of digital literacy, that means starting fresh with a digital offering and the use of the latest technology available. For this reason, challenger banks can incorporate new products more quickly, and with less friction through their platform business model, which can easily connect customers with new products developed by third parties. And this greatly increases customer choice.

So, which UK challenger banks are shaking up the industry? Let’s find out.

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Topics: Digital Transformation, Success, Emerging Trends, Finance, Change and Innovation

Digital Transformation Is Reshaping Financial Services

Posted by Anna Mielczarek on 02-Oct-2018 07:30:00

Usually described as resistant to change and quite conservative, financial sector has no choice but to follow other industries in their digital journey. Well-established, traditional banks have been challenged by financial technology start-up companies that take over industry by combining digital technology, social media, and big data analytics to replace traditional models with financial products and services enabled by new technology.

So, as disruptive changes occurring in the financial services industry are largely the result of digital technologies that have been developed and refined over the past decade, it comes as no surprise that in order to survive, and stay competitive the financial services industry and its CIOs are increasingly embracing Digital Transformation to improve their IT infrastructures.

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Topics: Digital Transformation, Change and Innovation, Challenges, Finance, Emerging Technology

There Is No Digital Banking Without a Great Cultural Change

Posted by Anna Mielczarek on 25-Sep-2018 07:30:00

Finally, it seems that banks might have woken up and realised that they need to innovate and transform their businesses, but most of them are neglecting one essential factor – culture.

Most often, factors such as lack of talent or lack of funding, poor infrastructure, and even lack of data are mentioned as being the main barriers to effective implementation of Digital Transformation in banking sector. And, yes – these are the factors that can have an impact on deploying Digital Transformation into your company.

But, not many realise that in order to become a truly digital organisation, all businesses within financial sector must address 3 key cultural issues. These are: risk aversion, lack of customer centricity, and siloed mind-sets as stated in McKinsey & Company report. And these three cultural barriers surpass all others and should become the highest priority for any bank planning to go digital.

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Topics: Digital Transformation, Corporate Culture, Finance, Change and Innovation

4 Reasons Why Collaboration Can Help You Drive Digital Transformation

Posted by Anna Mielczarek on 20-Sep-2018 07:30:00

Many people don’t realise it, but collaboration is crucial for your business.  It can be the key to success, a way to boost innovation as well as productivity, and enhance your credibility, and in some cases even investment potential.

When collaboration takes place, the entire organisation can benefit from it. We talk about increased engagement within employees, retention and attraction of talent, increased velocity, and profitability!

But apart from that, collaborative culture is essential element for an organisation’s survival.

Developments in mobile and digital technology drive forward plethora of companies interested in benefits of Digital Transformation, however while doing so they completely forget about opportunities, which can be capitalised only if barriers to collaboration were broken.

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Topics: Digital Transformation, Leadership, Success, Finance

DBS: The Best Digital Bank in The World?

Posted by Anna Mielczarek on 18-Sep-2018 07:30:00

In May, Southeast Asia’s largest bank, DBS celebrated its 50th anniversary by unveiling its new, refreshed brand identity.

Believing it was about time to introduce ‘a new kind of banking’ in order to stay relevant in the era of Digital Transformation, DBS has decided to replace its ‘Living, Breathing Asia’ slogan, which has been known to people for more than 10 years, with the new ‘Live more, Bank Less’ positioning.  

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Topics: Digital Transformation, Leadership, Success, Finance

3 Paths to Transform Your Bank

Posted by Anna Mielczarek on 11-Sep-2018 07:30:00

Making a decision of deploying Digital Transformation into your business is just the first step of the journey, and in most cases - the easiest. Then, you must decide how you are going to transform your organisation, and the right path to do it is a subject of great debate for many businesses. Should you completely overhaul your company and create a distinct digital entity? Or should you focus on front end changes, which are the most visible to your customers?

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Topics: Digital Transformation, Success, Leadership, Finance, Change and Innovation

Why Banks Should Go Digital

Posted by Anna Mielczarek on 04-Sep-2018 07:30:00

The world we live in is constantly evolving, and so are the businesses. They are becoming more customer – centric, more accessible, and most importantly - more digital.

But what does it mean for banks? Almost half of banking customers are using only digital channels for their transactions. In the last three years, over 2,800 branches of banks have been closed. So, looking at these facts, are we right to assume that changing preferences of banking customers are going to influence the way banks operate and inevitably lead to the great Digital Transformation within financial institutions?  

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Topics: Digital Transformation, Emerging Trends, Finance, Success

Top 5 Digital Trends In Financial Services

Posted by Anna Mielczarek on 30-Aug-2018 07:30:00

 

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Topics: Digital Transformation, Emerging Trends, AI, Finance, Predictions

Digital Transformation And Its Challenges For Financial Services

Posted by Anna Mielczarek on 09-Aug-2018 07:30:00

 

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Topics: Digital Transformation, Change and Innovation, Corporate Culture, Finance, Challenges, Emerging Technology

Open Banking: How will this Impact the Future of Finance?

Posted by Fran Geddes on 18-Jan-2018 11:07:57

Competition within banking is almost non-existent. Limited incentives to switch discourage customers from embarking on the journey to a new bank account, but this is all about to change.

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Topics: Finance, Digital Transformation