Why banks need to move or be run over…
Posted on August 2, 2017
3 min read
I read with interest Telstra’s new report, entitled ‘Exponential Performance – In a Millennial, Mobile and Programmatic World’ which looked closely at the ways millennials want to use their money.
The report’s author, Rocky Scopelliti, says in the first paragraph that disruption to the financial services industry over the past decade “can only be described as ‘exponential’”.
He is bang on the money, excuse the pun.
Change has always been with us and will be a constant going forward but one of trends we’re definitely seeing is that the pace of change is increasing.
Over the past decade disruption has impacted a number of industries and financial services is certainly feeling the heat.
However, with that competition comes challenge and we are certainly up for that. We know we have plenty of work to do and are up against not only traditional sector competitors but new competitors from our outside our sector looking at ways to eat into the traditional financial services space.
We know we need to adapt and to adapt quickly. Our customers, and not just millennials, judge our service not only against other financial institutions, but by how they order food, pay bills and find healthcare services.
As the report says, we are up against it and to keep pace with the rate of change in financial services banks need to undertake significant digital transformation.
At NAB, I feel we are heading in the right direction and I explained some of how we’re addressing that with Telstra.
We are bringing together dedicated and specialised teams to redesign specific end-to-end customer experiences; we call these our Customer Journey teams.
They are rethinking the ways we can better support our customers as they go through life experience like buying a house, getting a loan or a credit card, or perhaps starting their own business.
Those customer experience improvements are mirrored with our technology and digital teams who are focused on engineering our digital platforms to be fully agile, to increase efficiency to get changes quickly into customers’ hands.
All of these parts of our 150+ year old organisation are working together to help us move more quickly for our customers than we ever previously have.
But we have plenty more to do and we have big ambitions which I’m really excited about. Stay tuned.
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