Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies Sponsored Posts etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites. Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. A very few articles on our website are sponsored posts or paid advertorials. These are marked as sponsored posts at the bottom of each post. For avoidance of any doubts and to make it easier for you to differentiate sponsored or non-sponsored articles or links, you may consider all articles on our site or all links to external websites as sponsored . Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.


Steven Boyle, CEO of Integrated Cloud Group, discusses

  • How adapting to new technology is driving the digital transformation of the financial services sector
  • Why banking’s biggest institutions have no reason to fear the digital disruptors if they are ready to evole
Steven Boyle
Steven Boyle

There’s a well-known saying in business – that you have to ‘speculate to accumulate’. I’d argue instead that it’s wiser to innovate to accumulate in the modern banking industry.

Unless the big banks start thinking out of the box like the small, agile disruptors who are turning the sector on its head, their dominance could evaporate.

There are two ways to deal with change – to see it as something to be feared, or to see it as an opportunity – and digital transformation must be embraced in the current climate of unprecedented technological ferment.

Unfortunately, it appears that too many British businesses are afraid of what could result from meaningful metamorphosis. A recent study from Microsoft suggested that 49 per cent of companies feared the change that comes with digital transformation, in spite of the wide benefits.

A further 61 per cent of workers admitted they felt anxious when new technology was brought into the workplace by bosses, while 59 per cent were worried about the impact that automation of tasks could have on their job[1].

By comparison, the small operators have proved themselves to be fearless. They know they can quickly adapt to the changing digital economy and the rapid evolution of technology as they are not encumbered by the legacy of their businesses. They are not held back by a “that’s just the way things are done here” mentality, or by the sheer size of their data architecture, as the larger institutions may be. Instead, they see an opportunity to evolve their business – and they grasp it with both hands.

Young challenger businesses are typically more tech-savvy and digitally-minded. From their very inception, they’ve been shaped by industry learnings on digital transformation, and are more willing, and perhaps more readily able, to adopt and adapt.

We know that bigger banks have been left fearing that they will be rendered obsolete by the pace of change. They see online ‘wellness platforms’ edging into their territory, helping people budget, bank, pay and crowdfund all in one place. This should not be seen as a threat, but as a warning – closer integration with the customer is not only possible, it’s essential.

But as the demand for their banks’ services online and using mobile apps grows – and branch closures like those at RBS and NatWest gather pace – most of the big players are not getting to the so-called ‘digital promised land’, as outlined in a recent report from Avoka.

It concluded that at least half of their personal banking services must be available digitally and in an easy-to-use format[2].

That same study showed that traditional banks are missing an even bigger trick among their business clients, after it found that only one in four business banking products was available digitally. In terms of cost savings and ease of use, a switch to digital is a no-brainer for both client and bank.

Blockchain – most closely associated with the Bitcoin boom – is also challenging our traditional financial institutions’ dominance of the processing of secure transactions.

Then there’s the rise of FinTech which holds a clear message – that the way we handle our finances will be revolutionised by smart connected technology.

Nevertheless, while traditional banks may be daunted by the reaction of their customer base to evolving products and digital transformation, they should remember that the client data they hold is a significant asset they can use to their advantage. It’s also never too late to start closing the gap.

Ultimately, however, we shouldn’t forget that humans are at the core of the digital transformation process – not just as clients, but as employees. Staff often fear the consequences of change but they must understand that the need to evolve the business will help it to thrive in aggressive conditions that less forward-thinking institutions might not survive, in turn helping to secure their own workplace futures.

Staff are no less than digital transformation agents, and must be considered the first weapon that businesses deploy when looking to improve operations. True change is much more than just introducing new technology – it’s about changing behaviours and structures in tandem with a fresh transformational outlook.

[1] ‘Creating the right company culture for digital transformation’ (From Microsoft, published October 2017) https://enterprise.microsoft.com/en-gb/articles/digital-transformation/creating-the-right-company-culture-for-digital-transformation/

 [2] ‘State of digital sales in banking’ (From Avoka, published March 2017) https://www.avoka.com/wp-content/uploads/2017/03/State-of-Digital-Sales-in-Banking-2017.pdf