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Three connected forces drive the need for change in the Banking sector: technology, competition and behaviours.
In the last years,
technology has deeply influenced customers’ behaviour and enabled new business model.Regarding the
behaviour, Millennials are defining a huge discontinuity on communications, service model and consuming pattern. Most of the companies, including Banks, need to review the way they made business in the last decades.On the
competition side, Fintech companies are attacking the financial “value chain”, having Millennials as their specific target.
Banks are facing some serious risks related to external factors as well as to internal weakness of their traditional business models. The
bad news for the banking sector related to the Millennials are:
At the same time, there are also some
good news for Banks:
Banks need to define their
road to innovation, choosing a strategic option among:
There are some issues that must be addressed from Banks in order to travel the
road to innovation.
Build internal awareness at executive level and breed commitment to change
Reply invests on market benchmarking (i.e.
“Osservatorio Reply sulla Multicanalità nelle Banche Retail” born in 2009 and today bought from main Italian Banks;
“European Millennials and their relationship with payment systems”) and manages business events (i.e. Hackathon, Reply Xchange, …). Through these initiatives Reply can support its clients in building internal knowledge about innovation trends, competitors evolution, change management issues, etc.
Focus on relevant innovation issues
The Reply DNA is composed of innovation, which is declined in clients core processes with a pragmatic approach and business sense check. Reply expertise has been built:
Align with Millennials value and needs
Reply’s consistency with Millennials expectations, needs and values is granted by the nature of Reply: a young and fast multinational company.
Have the ambition to be disruptive
Reply thinks it is important (for teams and clients) to have the ambition to be disruptive in order to deliver real and punchy innovation. Reply contributes:
Reply can successfully support its clients on each of these steps.