Problem
Given the rapid pace of change in the financial services industry, a question that many are asking is "what will the bank of the future look like"? You will one day be leaders and drivers of this exciting change process in the financial services industry. This is a chance to give you a head start in investigating the directions that these changes are currently taking and examining the possibilities for future strategic renewal.
Think about the key challenges that banks, or other financial institutions, are currently facing today with regard to the delivery of their products and services. Now investigate the innovations that financial institutions are currently working on to conquer those challenges. In FIN227, we have and will continue to discuss many ways that banks have been re-examining their systems and practices in order to remain profitable in this constantly changing and increasingly competitive financial services environment.
You need to answer the following four questions.
i. Will the definition and/or approach to customer service change?
ii. Speak to how the physicality of bank branches will change. How will they look?
iii. What delivery mechanisms will they utilize (i.e. customer interface systems)?
iv. Discuss three new technologies/innovations. How they will change and impact the industry?