The first was the transformation of technology from a back-end tool that automated and improved the accuracy, speed and availability of information, to something that has changed the nature of the bank's relationships with customers. The rise of contact centres and self-service banking, followed by the Internet, were catalysts for this change.
The second seismic disruption being experienced today is the convergence of mobility, digitisation and social media. "This convergence has radically shifted the balance of power, placing the customer in control," Whincup said. "Continuous, ubiquitous connectivity is changing the way customers think and act."
The explosion of data triggered by this always-on connectivity is also a challenge and opportunity for organisations, because they need to be able to analyse this data in real-time in order to remain competitive, Whincup said.
"If you can't follow the customer in the present, responding to their needs minute by minute, we risk obsolescence," he claimed.
"We couldn't predict the revolutionary changes brought about by the Internet or digitisation. One thing that's unlikely to change is the power of the customer."
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