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Intellect Global Transaction Banking launches consumerization of banking
October 11, 2022
Commercial Banking is on the cusp of fundamental shifts that will dramatically reorder the industry in the coming decade. As banks assess their future strategies, they need to define their purpose and set a course not just for modernisation but for true transformation.
iGTB defines this next evolution as the Consumerisation of Commercial Banking (COCB). Consumerisation is the emergence of the individual consumer as the primary driver of product and service design and COCB is the impact of an individual consumer’s wants, needs and behaviour on commercial banking products and services.
There are 6 key tenets to COCB that banks need to understand and have a gameplan to embrace. Hyper personalisation, Real-time, Connected Journeys, Action-triggering Insights, Immediacy, Desire & Trust based decision making, Friction-free experience even at scale.
To embrace COCB, Intellect Design recommends an integrated three-pronged strategy to commercial banks comprising a) contextual design b) an architecture that is built on composable, contextual and hyperscale technology c) and an offering set that comprises products, solutions, platforms and banking-as-a-service capability.
Important Links:
- 4-IN-1 Professional Diploma in Banking, Financial Services & Insurance (PDBFSI): https://tscfm.org/courses/4-in-1-professional-diploma-in-banking-financial-services-insurance-pdbfsi/