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Banks must move beyond being transaction platforms to act as facilitators guiding customers

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As banks move beyond being transaction platforms to act as facilitators guiding customers, assurance functions must keep up

Lily VaderaHimanish Chaudhuri

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A dynamic financial services landscape leads banks to transition from traditional transaction-focused models to a more customer-centric approaches. The changes are prompting banks to align their strategies and operating models to drive sustainable growth and profitability.

Real-time data exchange within banks strengthens risk selection and operational efficiency, while consolidating diverse financial services on a user-friendly platform ensures personalised customer experience. Scalability and reliability are crucial for robust data management. Banks must take a proactive stance to ensure the lawful processing of personal data, adopt more sophisticated approaches for risk-weighted assets’ calculations, and meet new requirements on capital floors. Embracing digital solutions,
Disclaimer: These are personal views of the writer. They do not necessarily reflect the opinion of www.business-standard.com or the Business Standard newspaper

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First Published: Feb 11 2024 | 9:51 PM IST

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