Globally banking is changing rapidly.
In 2010, when Metro Bank received its banking licence, it was the first in the UK for 150 years and, since then, a number of new entrants are continuing to transform the market.
Regulation through open banking is driving greater transparency of transactions and opening up new opportunities for non-banks and technology players to offer financial services.
Neo banks are not just digitally enhancing banking products, they are redesigning services which could lead to a future of banking services being provided without banks.
Against this background of heightened potential disruption, new possibilities need to be imagined for banks to remain relevant in the future.
At Capita, we're using our experience in software, data and analytics, people solutions and specialist customer management to bring together propositions, technology, marketing, and organisational design to deliver future success.
Supporting retail banking through Covid-19
How banks can build trust
Retail banks were already under huge pressure due to new competitors, ongoing regulation and slowing profit growth, prior to Covid-19.
Embracing new technologies is the best route to address these challenges and can gain competitive advantage by building trust-based relationships with customers.
AI is at the front of these new technologies and provides a means of allowing an open, two-way flow of information which is at the heart of delivering better solutions and services.
Banking on the new normal
The impact of the Covid-19 pandemic continues to grow. As such, the UK government has imposed tight restrictions on its citizens’ movement and assembly. More and more people are coming to terms with the reality of enforced isolation – a difficult but necessary means of protecting themselves and their loved ones.
Limiting free movement for large swathes of the population has significant implications for those who work in and interact with the banking sector. It affects everyone: from branch employees, call-centre operatives and investment managers to personal and business customers, intermediaries and suppliers.
Shaping tomorrow together
At Capita, we’re here to help you support your operations, your people and your customers. Find out more about the services and solutions we have designed to help the retail banking industry respond.
Supporting clients in a crisis with expert complaint handling
If there's a problem, getting the right help and support to customers is a priority
When a spate of stories about financial services complaints had appeared in the media, one financial services business contacted us. They knew they had to respond to the surge in negative media, by boosting their own complaint handling capability. They also realised that this couldn’t be achieved quickly enough by handling it internally.
Within the financial services world, contact agents need a wide range of very specific skills. Not just contact centre knowledge, but also specialist complaint handling, experience of supporting vulnerable customers, awareness of fraud and money-laundering and the latest regulatory procedures.
Establishing a specialist complaints team would be the most effective way to demonstrate their commitment to their customers. This meant recruiting, training and deploying a completely new team within a matter of weeks. And this was not an existing client of ours, but a brand new one.
Contact an expert
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Expert spotlight
Michelle Prance
Financial Services Market leader
Michelle Prance is a fintech innovator and influential collaborator, creating solutions that grow value at the highest levels of the banking industry. Prior to joining Capita’s consulting business as Banking Lead, she enjoyed great commercial success inspiring multi-disciplinary teams at both mature international corporations and entrepreneurial start-ups alike.
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