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SME BUSINESS BANKING-FINTECH

Global Research & Advisory Service

TRADITIONAL BANKS & TRANSFORMATION

sme-business-banking-6

Issue 6 – March 2020

Traditional Banks & Transformation

Take Aways:

  • Early movers in digitalisation are seizing early opportunities as Open Banking arrives
  • Digital transformation is a long process for legacy banks!
  • Staff training is critical for successful digital transformation along with progressive hiring policies and bringing in hires from new areas
  • New operators are entering SME digital banking from millennial digital culture
  • Digitalisation doesn't mean branchless: A third wave of branch transformation is adopting ideas around hubs and communities


TABLE OF CONTENTS:

BBVA | An early start on the long road to digitisation

  • An early investment in technology paid dividends for BBVA
  • New Digital Business offerings
  • Azlo, the bank for freelancers and the gig economy


DBS | Singapore's drive to digital banking

  • Digital transformation at DBS
  • Taking on the superapps
  • Adopting start-up culture
  • Gaming the financial system


LLOYDS Bank | Singapore's drive towards digital banking owes much to DBS

  • Branch transformation: don't throw out the baby with the bathwater
  • The third wave of branch banking




Who is this report for?
The report is for traditional banks that need to go or are undergoing digital transformation in order to prosper in the new, digitally-driven SME business banking ecosystem.

How can this report benefit your company and team?
This report uses three case studies to look at successful digital transformation through staff transformation, rebuilding core systems and cultural change. In all cases, traditional banks with legacy systems and traditional product-driven sales teams transformed into more agile organisations that sit in digital ecosystems rather than trying to build it all themselves.

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