The following appears on Danwood.com

Banks have proven themselves to be early adopters of many new developments in technology; evidenced most recently by the growth of mobile banking apps and contactless payment.

In our busy world, these new capabilities are essential in ensuring that services remain relevant and useful to tech-savvy and tech-trusting Millennials, as well as their older, time-poor counterparts. However, there are some areas in which older banking institutions may still be lagging behind newer competitors. Whilst investment in infrastructure continues apace, it may be worth those businesses taking pause, to make sure that their investment is correctly placed to give the desired return.

Facing the threat of agile new competition

Banking businesses in 2016 face the threat of losing customers to tech-firm offerings such as ApplePay, from online ‘eco-systems’ that their customers already use and trust, as well as banking solutions from FinTech firms and other agile or digital-only market entrants. The advantage that incumbent providers have is trust, but this too has taken a knock in recent years. The time has come for UK banks to take a long, hard look at their use of technology and find ways to provide a more transparent, streamlined customer experience. Let’s take a look at three ways in which they might achieve this:

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