Banks are rapidly accelerating their shift to digital channels as they seek to reinvent their business models in response to the COVID-19 pandemic, a new paper from Atos reveals.
Incumbent banks are facing a major challenge in fighting off digital competitors, while all banks must harness technology in order to meet new decarbonization targets and regulatory requirements, as well as cater for rising consumer demands.
Two thirds (66 per cent) of banking leaders named transforming the digital customer experience as a top priority over the next year in a survey, while a further 80 per cent said digital technology is essential to achieving their decarbonization targets. Almost half named account security and protection from fraud as a key priority.
The results, from a survey that included 400 retail banking leaders across North America and Europe, are highlighted in the latest global opinion paper by Atos, Digital Vision: Digital Banking, which brings together leading voices from across the industry and geographies, including North America, to examine the latest trends that are shaping and transforming the digital future of banking.
Digital Vision: Digital Banking illustrates how digital technology is making banking smarter, greener and safer. It details how big data, artificial intelligence, blockchain and the Internet of Things are offering banks new opportunities to transform the customer experience, decarbonize operations, and protect their business and customers from external threats.
Adrian Gregory, Global Head of Financial Services & Insurance at Atos, said: “Digital disruption is not new to the banking industry: technologies advance and hungry market entrants are emerging all the time. What has changed, however, is the massively accelerated shift to digital channels as a result of Covid-19. Atos is working with our banking customers and global partners to help navigate and accelerate business and digital transformation to deliver banks’ priorities and ambitions. At this pivotal time in history, we see important opportunities to collaborate to help create a cleaner, more inclusive and secure future for all.”
The Digital Vision: Digital Banking paper builds on the experience of Atos as a leading digital partner to many of the world’s banking, capital markets and insurance companies, providing integrated technology solutions that help financial services providers prosper in a rapidly evolving digital world.
Over the past year alone, Atos has secured a broad range of banking, insurance, pensions, and capital markets contracts across multiple continents. Examples include the selection of Atos by Banque Misr, one of the largest banks in Egypt, to support its transformational journey to become the country’s first digital bank; a minimum 10-year contract with Nest to design and build a future focused pension scheme; and an extended agreement to accelerate transformation with Dutch insurer VGZ.