Lööf: C wants to double Swedish electricity production

Charlie Taylor

See where the opportunities are – read the full report Pandemic or not, households and businesses must continue to borrow, save and pay regardless. In short, they must continue to be active bank customers in order not to lose houses and homes, production and assets. But when the world during the pandemic reduced access to physical bank branches, these needs were faced with a difficult challenge – how to carry out necessary banking when large parts of the banking sector in large parts of the world did not have the infrastructure required to meet their customers digitally and remotely? Gunnar Wijkmark, responsible for banks in Strategy & Consulting at Accenture. – This became a huge catalyst for change in the entire banking sector, says Gunnar Wijkmark, responsible for banks in Strategy & Consulting at Accenture. – Personal advice was in many places very difficult at first to implement, and the industry had to force a digital transition much faster than intended.And according to the report “Banking Top 10 trends for 2022”, this seems to be far from a parenthesis. – Customers took this very quickly, thought it was convenient and time-efficient to be able to take a bank meeting digitally instead of having to go to office, and now they are not so interested in going back to how it was before.

“This is where the opportunities are”

On the contrary, the pandemic and the effects it forced have rather accelerated ten trends, all of which are currently accelerating the need for innovation in the banking sector. continue to develop at the same pace as a focused shift is required in all the ten areas we identify in the report. This is where the opportunities are, and it is now that the banks must seize them.All the ten trends that the report identifies each have the potential to become a “game changer”, but although they are all significant, there are some that Gunnar Wijkmark believes can be extra important for the banks to take into account. – For example. the green transition. It concerns not only the banks but the whole of society, and the banks must now decide whether they want to be involved in driving the change or whether they should just stand on the side, make sure to adhere to the rules and comply with how society views the issue. . That discussion will not disappear, but rather it will increase in complexity and weight, and then you have to know what you want, even though this is about sensitive political issues.

Banks must take back the initiative

At the same time, a large part of the banks’ core business – payments, loans and savings – is under attack from new fintech companies. Therefore, the report believes that the banks must take back the initiative over the pace of innovation. – Much of the innovation that has taken place in recent years has been made by new and smaller players, while the major banks have been busy focusing on efficiency and compliance. Since so large parts of the banks’ earnings are now being challenged by new players, the banks need to become better at driving innovation rather than just following suit. One area that Accenture works a lot with is how companies can combine different automation technologies and also use data and AI to automate everything from the customer meeting to the underlying work to achieve just efficient and customer-friendly service. – We see great potential in the area, but also see challenges because the ownership of different parts is often divided within the banks.

“Simple everyday life at a reasonable price”

This is not to say that the banks need to pursue innovation in all areas, at the same time. – They need to become better at selecting the areas that they see as most important and focusing, otherwise it will be too much. But to do so, they must at the same time identify what role they want to play in society in the future. What is required then of the banks to take advantage of this perfect storm and go leading out of it, rather than emerge? According to Gunnar Wijkmark, it is important to realize that even though there are customers who want the hottest technology and are willing to change banks for it, that group in Sweden is too small to build their business around. – Most bank customers want have a simple everyday life at a price they think is reasonable. I think that banks should take advantage of the strength that a wider range entails, and use it to use new technology to create easily accessible banking services, both automated and personal. The banks are facing a major change right now, and it is easy to end up in a situation where you want to do everything but can not implement anything, but if you address these trends in the right way, you can both grow your business and work more efficiently, at the same time.Read more about the ten trends

Ten trends affecting the banking sector:

• Everyone wants to be a super-app – should banks cooperate or compete with them? • Sustainability for real – how should banks relate to increasingly complex ESG issues? • Time for innovation, again – new fintech companies force banks to do more, faster innovation. • Fees that everyone understands – new “free services” are emerging and forcing banks to be more creative and transparent in their pricing. • Digital services with a warm heart – customers want digital meetings, but also personal service, at the same time. New technology needs to be applied to give customers the treatment they demand. • Digital currencies in your everyday life – banks need to relate to the new opportunities created by cryptocurrencies and digital central bank currency.100 percent automated is the new normal – it’s time to seriously introduce AI and machine learning into banking services and combine different automation technologies • Payments anywhere, anytime and anywhere – we are facing a payment revolution based on new technology • Banks are gaining ground – mobility is increasing and banks and their competitors are looking for new markets to enter • The talent hunt is taking over – competition if the workforce increases, and the banks must convince the talents why they should work here. The article is produced by Brand Studio in collaboration with Accenture and not an article by Dagens industri

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