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The value of experience

Between the wave of regulatory reforms that followed the financial crisis of 2008, the disruption brought about by fintech and non-banking market entrants, and the current global trend towards…
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13 Feb 2020

Between the wave of regulatory reforms that followed the financial crisis of 2008, the disruption brought about by fintech and non-banking market entrants, and the current global trend towards consolidation, the banking industry is facing numerous challenges, for example, in relation to cross-border synergies, growth and regulatory compliance. Such challenges are not new to Mr. de Saint-Florent, who worked, among other things, on the merger of Banque Nationale de Paris (BNP) and Paribas in 2000, probing asset quality and conducting stress tests. He now leads the ideas initiative of Olivier Wyman’s European financial services practice.

The European universal banking model will need to adapt to meet these challenges, Mr. de Saint-Florent said, telling students that banks would have to differentiate themselves even more by offering new services (insurance, credit, asset management, etc.) and a tailored, customer-focused experience.

“Getting an expert opinion from a partner at Oliver Wyman on these topics was very interesting as it also shed light on the emerging opportunities of this evolved ecosystem,” says Ilias Abid, who attended the talk. “The importance of customer relationships in reshaping their product and service offerings, along with the significance of digitalisation in creating a strong customer experience, are opening new horizons in the banking industry.”

 

Photo: Adeolu Eletu/Unsplash

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