Businesses have
transformed significantly in terms of technology, the enhancement of the digital
world causes a huge impact on many industries. One of the industries digital
technology does affect in particular is the banking sector. The rapid development
in technology has impacted the banking industry causing major changes than any
other industry. The rise of electronic banking has progressed rapidly over the
world allows the customers of banks to access their bank information, transfer
money to certain accounts, access the balance on their current/savings account
by simply access on their mobile phones or laptop.
According to Mark Mullen, the chief executive of First Direct states that the futures of banks
are branchless. Mullen believes that with the new advanced technology, this can
be highly beneficial and convenient for customers due to banks opening and
closing hours. Mullen also states that the problem of banks does not lie
internally but also externally. Due to the tough market of banking from
improved competition this can cause higher rates and excessive charges for
consumers. On the other hand, Craig Donaldson the chief executive of Metro
Banks suggests that the future of bank branches lies within customer service.
The long term relationships between customers, businesses and the bank should
be the central of focus of banking which instigates with face to face
communication.(Read More)
Lloyds TSB are a prime
example of a UK bank axing their branches in favour of moving digital. Over
9000 jobs are axed due to focussing on more of a digital model. The reason
being, Lloyds TSB desires a more efficient due to swift change within the
consumer in the digital era. (Read more)
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