Pilatus Bank advises a fintech strategy can be as much of a challenge as an opportunity for the majority of banks
We are living in a constantly evolving digital landscape says Pilatus Bank. Fintech startups and challenger banks are continuously launching innovative and advanced digital products on the market. Consumers experience instant gratification with immediate access to the latest technologies via their always-on mobile phones, Wi-Fi-connected cars, and IoT home appliances. It’s natural for them to request, if not demand, from their banks to hold themselves to the same benchmarks and standards required to stay current with other progressive industries. Modern businesses must operate according to standards focused on continuous improvement and technology-driven evolution. On the other hand, banks are facing a higher cost basis to address increased levels of risk management, governance and regulatory compliance requirements. Luis Felipe Rivera, Chief Operating Officer of Pilatus Bank, believes that banks must adapt new strategies as well as technologies to stay relevant in the marketplace.
LONDON, Nov. 24, 2017 (GLOBE NEWSWIRE) — Luis Felipe Rivera believes that technology should always serve as a means to simplify operations and improve customer service. Still, several financial institutions seem to be inadvertently adding complexity in their efforts to evolve. Rivera of Pilatus Bank explains, “The banking industry as a whole is inherently conservative, and transforming decades-worth of internal culture, as well as policies and procedures written in context of this culture, will not happen overnight. Whereas fintech startups are agile and aim to adapt a lean business model, retail banks are incumbent and hindered by legacy systems and legacy culture.”
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Rivera of Pilatus Bank believes that the process of transformation can be challenging for any financial institution but leveraging technologies to streamline processes and to simplify operations is the only way for banks to remain relevant, competitive and avoid being sidelined by fintech companies and challenger banks. Rivera adds, “As well as investing resources in technology and innovation, keeping up with increased regulatory demands is also proving to be a financial burden. Therefore, banks require digital platforms that will respond to these changes in a cost-effective way.”
Whereas undergoing digital transformation can substantially improve internal processes and procedures for financial institutions, Luis Felipe Rivera of Pilatus Bank believes that the most fundamental reasons for banks to transform should be market-driven in efforts to satisfy customer demand and to improve customer service. He expands, “Most customers today prefer to do their everyday banking online or on their mobile phone as opposed to visiting a branch, and banks have responded by developing mobile banking apps and online banking platforms. Unfortunately, these platforms are often confusing and inefficient. Banking is more than just making payments and holding money – our clients see the value in our mission to bring more control and trust back into the banking industry. Convenience is a matter of options, and sending a client to a website isn’t going to cut it. This means communicating across multiple channels – digitally-assisted human-based face-to-face communications or when appropriate a simplified digital interface.”
Adding to the frustration, the latest trend of automation and artificial intelligence (such as robo-advisory) are further complicating the banking experience for customers. Rivera, COO of Pilatus Bank, believes that the solution is to provide customers with a technology platform which enhances customer service as opposed to diminishing it. He further states, “At Pilatus Bank we invest in sustainable and responsible innovation that will honor the client-banker relationship, and improve the overall customer experience and level of service.”
Luis Felipe Rivera of Pilatus Bank concludes by explaining that retail banks will struggle to stay relevant with customers unless they understand the importance of human interaction. “Despite the benefits in efficiency and transaction costs that come with digital technologies, customers still want to feel connected and respected. Digital assets and interfaces will never replace human interaction.” He elaborates with a final thought, “Pilatus Bank, through its relationship-based business model coupled with innovative technology, enable our customers to go well beyond basic online banking and engage with their banks in ways we are unable to predict.”
About Pilatus Bank
Pilatus Bank is a leading European bank that specialises in providing private and commercial banking services to high net-worth and affluent individuals. Pilatus Bank, located on 4 Old Park Lane, W1K 1QW in London, is mainly focused on offering its private banking services through its proprietary technology platform in order to make private banking more accessible and scalable. The Bank’s simple and convenient solution has been a hallmark of transformation and quality of service.
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