Disruption has been a buzz word in many industries, including financial services, for some time. In the old world, innovators were the purveyors of this change. Today’s current environment will have a dramatic impact both on challenger and incumbent financial institutions alike.
- How is the financial industry responding to the global pandemic?
- How are customer needs being met?
- What will be the ‘new normal’ for banking – from a customer-centric point of view – post COVID-19?
Along with our partner, FintechOS, we aimed to gather a snapshot of views and insights from senior leaders in our industry to determine how our industry is being shaped during these unusual times. We surveyed several industry leaders to gather their views on the evolving ‘new normal’ brought on by COVID-19.
Here is a taster of what our contributors are saying:
Jason Maude, Chief Technology Advocate, Starling Bank
“We set up the bank with the idea that it could be run from laptops, and that those laptops could be anywhere. We might need to run the bank from a café for example. There was nothing special or magic about the office Wi-Fi, there was nothing special or magic about where we were located.”
Sohail Raja, UK Chief Digital Officer, Société Générale
“Most clients have transitioned pretty well and adapted at pace. However, the nature of the relationships have changed from physical meetings to video and chat tools, as well as supported with voice!”
Andrea Melville, MD Commercialisation & Propositions, GTB, Lloyds Banking Group
“More widely, we have also looked at how the economy and society will be different after Coronavirus as part of our wider strategy. We have recognised what we believe are enduring changes, such as an even greater shift from in-store retail to e-commerce. In this example, we are putting in place solutions to help our clients engage in these new forms of commerce – not just limited to payment acceptance but extending into online shopfronts and pre-ordering apps.”
Teodor Blidarus, CEO and Co-Founder of FintechOS
“We’re a tech company and employ tech-savvy people, so the transition to the new way of working and doing business happened smoothly. We’ve even noticed an improvement in the past few months – people are more focused, they feel they have fewer interruptions, they’re more driven, and so on.”