More so than any other type of financial institution, banks have undergone profound changes since 2009. Much of this has been driven by regulatory fiat, although the need to upgrade and modernize their legacy technology platforms also has been a significant driver. But a more fundamental question has arisen in the years since the economic crisis – one no doubt heightened by the crisis, but already posing a challenge to banks by 2009: Are banks still relevant to customer needs today? Few doubt that banking services are necessary, but are banks the best vehicles for delivering those services?
In part one of ALM Intelligence’s two-part research on Consulting to the Banking Industry, we look to examine how, with creeping commoditization, low interest rates, and an era of defensive positioning following the financial crisis and the resulting new regulations, consulting firms are helping banks see service (rather than products) as a differentiator and go on the offensive with new technologies to stay competitive.