Retail banking has been undergoing a lot of changes in recent years, and the trends of 2023 are
set to completely change the terms of success in this industry. As customer expectations evolve
and technology reshapes the landscape, financial institutions must adapt to stay ahead.
Harnessing these trends through a BFSI-focused actionable org chart is emerging as the
ultimate game-changer, as indicated by key reports, including Gartner's latest findings.
So, let's take a deeper look into those trends and how an actionable org chart of the BFSI
company plays a crucial role in it:
- Digital Transformation Acceleration: According to a recent report by Gartner, by 2023,
75% of all banking interactions will be digital. This means that banks need to have a
strong digital presence and offer a seamless experience across all channels, including
mobile, online, and social media. A BFSI-focused org chart facilitates seamless
coordination between IT, marketing, and customer service departments. This synergy
ensures the creation of user-friendly apps, chatbots, and digital interfaces that
streamline customer interactions. - Rise of Fintechs & Non-Traditional Players: These companies are disrupting the industry
with innovative products and services, and banks need to keep up with them to stay relevant.
According to a study by McKinsey, fintechs have captured up to 40% of the banking industry's
revenue growth since 2010. Moreover, the actionable org chart of the BFSI companies helps to
understand their innovations and stay ahead of the competition.
- Hyper-Personalization: The era of generic banking experiences is over. A staggering 78%
of consumers now expect personalized services from their banks, according to a Gartner report.
This is where the BFSI-focused org chart comes into play. By fostering cross-functional
collaboration, it empowers teams to share insights and devise strategies for delivering tailor-
made solutions that resonate with individual needs. - Data-Driven Insights and AI Integration: Data analytics and AI have become the bedrock
of decision-making, with 72% of bank executives believing that AI will be a significant
advantage. An actionable org chart paves the way for seamless collaboration between data
scientists, analysts, and risk management teams, enabling the creation of predictive models
that enhance risk assessment and customer experience.
In conclusion, 2023 is a pivotal year for retail banking. Adapting to these trends requires a
holistic approach that transcends traditional departmental silos. A BFSI-focused org chart is a
strategic masterpiece that aligns teams, propels innovation, and enhances customer
satisfaction. No wonder it ensures unparalleled success in the ever-evolving world of retail
banking.