Pilatus Bank Chairman Discusses Whether FinTech is the ultimate solution to our everyday banking needsSource: OMX
LONDON, Feb. 05, 2018 (GLOBE NEWSWIRE) -- We are living amid a constantly evolving digital landscape. FinTech startups and challenger banks are continuously launching new advanced digital products on the market. Consumers, being blown away by flashy technologies, demand for their banks to reinvent themselves to stay current with other progressive industries. Not surprisingly, the traditional retail banks have a hard time keeping up given their recent branch closures and staff reductions. Ali Sadr, Chairman of Pilatus Bank, believes that most banks must evaluate their current banking model and adapt new strategies as well as technologies, otherwise they will risk obsolescence.
Ali Sadr at Pilatus Bank believes that technology should serve as a means to simplify operations and improve customer service. Still, several financial institutions seem to be adding complexity in their effort to evolve. Sadr explains, "The banking industry as a whole is inherently and understandably conservative, and transforming the internal culture as well as policies and procedures will not happen overnight. Such changes should be looked at carefully and diligently. Whereas FinTech startups are agile and aim to adapt a lean business model, retail banks are incumbent and hindered by legacy systems."
The Chairman of Pilatus Bank believes that the process of transformation can be challenging for any financial institution, but leveraging technologies to streamline processes and to simplify operations is the only way for banks to remain competitive and avoid being sidelined by FinTech companies and challenger banks. Sadr adds, "At the recent Financial Times FinTech Summit, the main theme and take away among most industry experts were focused on the fact that there's a big market gap between high-tech and high-touch, which has left a lot of customers dissatisfied."
While undergoing digital transformation can substantially improve internal processes and procedures for financial institutions, Ali Sadr at Pilatus Bank believes that the most fundamental reasons for banks to transform is to satisfy customer demand and to improve customer service. He expands, "Most customers today prefer to do their everyday banking online or on their mobile phone as opposed to visiting a branch, and banks have responded by developing mobile banking apps and online banking platforms. Unfortunately, these are often confusing and inefficient, and high-touch is being lost in such platforms." Adding to the frustration, the latest trends of automation and artificial intelligence, such as robo-advisory, are further complicating the banking experience for customers. Sadr at Pilatus Bank believes that the solution is to provide customers with a technology platform which enhances customer service as opposed to diminishing it.
Sadr states, "At Pilatus Bank we invest in sustainable innovation that will focus particularly on the client-banker relationship, in order to enhance and improve customer service." Sadr concludes by explaining that many banks will struggle to stay relevant with customers unless they understand the importance of human interaction. "Despite digital technologies simplifying the financial burden for customers, they still want to feel connected and respected and therefore, digital connection will never be able to replace the human interaction. It's the right combination of high-tech with high-touch that will be the optimal solution; not the prioritization of one over the other."
About Pilatus Bank
Pilatus Bank is a leading European bank that specialises in providing private and commercial banking services to high net-worth and affluent individuals. Pilatus Bank, located on 4 Old Park Lane, W1K 1QW in London, is mainly focused on offering its private banking services through its proprietary technology platform in order to make private banking more accessible and scalable. The Bank's simple and convenient solution has been a hallmark of transformation and quality of service.
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