LONDON, April 2, 2020 /PRNewswire/ -- According to the Global FinTech Adoption Index 2019* by EY, one in eight people said that the core reason for using FinTech challengers was that those brands focused on customer centric factors such as better experience, better product features and quality of service.
Following the report, Bruc Bond, a leading business banking firm, has said that the banking industry must embrace customer-centric banking practices to stay relevant in 2020.
Today, consumers expect more from banks, demanding convenience, personalised experience and quality products and services. To stay relevant and successfully compete in a thriving market, banking service providers must deliver on these expectations.
The Monetary Authority of Singapore (MAS) has received 21 applications for digital bank licenses. Tarini Ponniah, Chief Compliance Officer for Bruc Bond Singapore, says that she's glad to see the city state join the likes of the United Kingdom in embracing customer centric digital banking. Coordination and cooperation between the MAS and regulators in other fintech- and digital banking-focused jurisdictions, like Poland, Lithuania, Japan and Australia, would hasten the widespread adoption of digital banking worldwide.
Like the MAS, European regulators are keen on adoption of innovative, customer centric solutions.
"The UK has become a competitive hotbed for digital banks, with several eyeing penetrating markets very far from home. Their success has been nothing if not extraordinary, with so-called challenger banks now amassing millions of customers in Europe and worldwide and expecting to treble their customers bases in 2020," says Konstantin Bodragin, Digital Marketing Officer and Bruc Bond's Business Analyst.
In recent years, Lithuania has become a hub for Europe's expanding network of Non-bank Financial Institutions (NBFI), which has significantly raised the country's standing in global financial markets. Neighbouring Poland has taken a different approach, encouraging its highly-developed banking sector to adopt digital solutions to consumer needs. It is for this reason that a recent *Deloitte study found Poland to be a leader in digital banking. "We can say that Poland is a digital leader, but Polish banks are varied in this regard," commented Deloitte's Daniel Majewski.
Tarini Ponniah says, "There needs to be much more cooperation between regulators to accelerate digital banking adoption in their respective jurisdictions to benefit customers worldwide.
She continues, "With new digital banking licenses being granted in almost every market in the world, 2020 is finally going to be the year that customer centric banking becomes a reality."
For more information about Bruc Bond please visit www.brucbond.com.
*EY Global FinTech Adoption Index 2019 report - https://assets.ey.com/content/dam/ey-sites/ey-com/en_gl/topics/banking-and-capital-markets/ey-global-fintech-adoption-index.pdf
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