The financial services world is changing quickly. In response, banks and credit unions need executives who can empower them to transform their practices around digital technologies and embrace the changes necessary to keep up with a technology-empowered customer based.
Digital solutions taking over financial services
Customers are pushing financial institutions to go all-in on digital technologies sooner than they might have otherwise. While the sector has long taken a fairly conservative approach to innovation, the reality is that consumers are changing the balance. A PricewaterhouseCoopers study found that as of 2012, approximately 15 percent of banking customers primarily accessed services via human channels, such as branch locations and call centers. That figure fell to 10 percent in 2017. Conversely, 27 percent of bank users were online dominant in 2012, and that figure climbed to 46 percent in 2017. While plenty of consumers still fall somewhere in the middle, there's a clear move toward digital.
Responding to the pressure to go digital
Digital transformation strategies are often incredibly complex and require tight coordination across business units. It is a process that requires technical and cultural change. What's more, it often means adopting new business models. That shift is already beginning in many parts of the sector, as banks are increasingly closing out branch locations or developing strategies to use them in new ways.
"Customers are pushing financial institutions to go all-in on digital technologies."
A report from the Global Banking & Finance Review explained that most banks aren't simply getting rid of branches. Instead, many are moving to digital technologies for their day-to-day interactions and using branch locations to improve user experiences by turning them into support centers. More firms are leveraging digital technologies, such as e-signatures and online account opening platforms, to handle everything from loan processing to deposits online. From there, the branch serves as a hub to give users more options to interact with banks in whatever way is best for their specific needs.
Finding executives who can lead banks through this period of transformation isn't easy. Leaders must have a deep knowledge of technical and industry issues. YES Partners can help you access a recruitment pool of experienced professionals who offer this kind of balance. We are among the leading global executive search firms and specialize in helping companies fill roles that require technical awareness on top of business expertise.
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