Reimagining retail banking: Tech, innovation and collaboration key to survival

摘要

The coronavirus pandemic has had and continues to have a devastating effect on all sectors of the UK economy. But banking has been uniquely burdened by the double jeopardy of having to manage the impact on financial services and take on the pivotal role, as Michelle Prance, Consulting Head of Banking and Culture Officer, Capita, puts it, “of helping the rest of the economy through the transition as well.” As a second lockdown commences and cases of Covid-19 rise, COO at Aldermore Bank Zish Khan, predicted during the Management Today and Capita roundtable on the future of retail banking that the full scale of the impact will necessarily remain unclear until at least the end of the furlough scheme. But despite this, and the fact that as CEO and co-founder of Funding Xchange, Katrin Herrling pointed out there will in the short term be an exodus of weaker firms from the market, all participants agreed there were actions neobanks and alternative banking providers could take now to future-proof their propositions even in the face of unprecedented uncertainty.