{"id":13120,"date":"2019-06-26T06:54:42","date_gmt":"2019-06-26T06:54:42","guid":{"rendered":"http:\/\/bulletins.bfconsulting.com\/?p=13120"},"modified":"2019-06-26T06:54:42","modified_gmt":"2019-06-26T06:54:42","slug":"8-steps-to-ensure-a-financial-institution-doesn-t-survive-past-2030","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/8-steps-to-ensure-a-financial-institution-doesn-t-survive-past-2030\/","title":{"rendered":"8 steps to ensure a financial institution doesn\u2019t survive past 2030"},"content":{"rendered":"

It is estimated that 80% of financial institutions will either go out of business or be irrelevant by the year 2030. Here are 8 steps that will ensure your financial institution is one of these:<\/span><\/p>\n

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  1. Focus on revenue from fees, transactions and products<\/b> \u2013 consumers are more interested in financial institutions that can offer digital, consumer-centric value-added products and services.<\/span><\/li>\n
  2. Forget about open banking<\/b> \u2013 open banking is the new reality and not just a passing fad.<\/span><\/li>\n
  3. Don\u2019t worry about new competitors<\/b> \u2013 challenger banks and other disrupters are making big strides into offering compelling new financial services.<\/span><\/li>\n
  4. Ignore demographic changes<\/b> \u2013 millennials and generation z think, act and have different expectations than previous generations.<\/span><\/li>\n
  5. Avoid the cloud<\/b> \u2013 cloud-based solutions offer numerous benefits to both financial institutions and consumers, including faster accesses, reduced costs and greater flexibility.<\/span><\/li>\n
  6. Pass on real-time payments (RTP)<\/b> \u2013 RTP is already proving a great success in Europe, a trend that will no doubt continue to expand.<\/span><\/li>\n
  7. Don\u2019t embrace FinTechs<\/b> \u2013 FinTechs aren\u2019t competitors; they can be allies that usher financial institutions into the future.<\/span><\/li>\n
  8. Let others innovate<\/b> \u2013 innovation is hard and often requires massive restructuring and budgets. But it ultimately leads to becoming more oriented  towards consumers and value-added products\/services.<\/span><\/li>\n<\/ol>\n
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