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Basic information about Data Protection
Responsible Party ICAR VISION SYSTEMS, S.L.
Purpose Commercial research.
Recipients Data may be provided to other companies in the group and to third party companies in the technology sector.
Rights Access, rectification, cancellation, opposition, limitation of processing, data portability, and to not be the object of automated individualized decisions.
Even though practically every industry (among those that market products or services) has tried to adapt itself more or less proactively to new consumer habits, requirements and expectations, banking has, until recently, been in a position that has allowed it to have a slower reaction to these factors..
Little competition, a relative position of power —the customer in the past has not had any other option than to establish a relationship with one bank or another— and the lack of alternatives to most financial services created a gap in communication between the consumer and traditional banking.
But there are two factors that have changed the context of financial services. On one hand, the internet and the new model of bidirectional communication means consumers can share their opinions and influence these processes. Businesses not only receive feedback, but know the expectations of consumers. On the other hand, new financial services models put forth by Fintech businesses have come into the sector, and these models offer a clear alternative to traditional services. In addition, Fintech companies are directly based on a consumer-centered model, which follows consumer psychology and behaviour much more closely.
Consequently, this new banking-customer relationship and the appearance of new competitors has forced banks to make considerable changes.
A study by Accenture explains how the consumer is moulding traditional banking, not only regarding the services offered, but also in the way it approaches its processes and even its own business culture.
However, banking isn’t starting completely from scratch; it has important data history and consumer knowledge, as well as a position of confidence. With these premises in mind, there are four ways in which banking can work to confront the new paradigm of financial services 2.0.
Despite the intense changes in the approach to financial services, and the speed at which these changes are happening, traditional banking can continue to have a great impact in the sector if it takes advantage of its consumer knowledge, overhauls the processes centered around it, and establishes a flow of communication that provides proactive and personalised financial advice. For this to happen, digital transformation is imperative.