Lessons from the leaders
Internationally, transformation leaders are often the banks that have taken an aggressive approach.
In Asia, intense competition from tech giants like Tencent and WeChat with high rates of digital adoption have spurred all major banks in the region to action. Bangkok Bank has delivered state-of-the-art, mobile-first experiences built on a next- generation banking infrastructure that allows new features and services to be added in weeks rather than months. Bangkok Bank’s new mobile banking app gives customers unprecedented control over their financial data and access to more than 100 features that cover banking, mutual funds, insurance and the foreign exchange market.
Similarly, in the UK, Lloyds Banking Group’s investment in digital transformation has proven successful in eliminating departmental silos and focusing on customer experience. This has delivered increases in loan success while revamped on- boarding processes for new customers slashed the time it takes to open a savings account by one third. Now they are looking ahead at ways to accelerate transformation and increase the speed to market for customer focused innovations underpinned by cloud technology. In March 2020, they announced a long-term partnership with Google Cloud to drive its digital evolution. The bank’s ongoing investment in digital-first transformation to deliver best-in-class customer experiences is yielding value for both customers and the business.