Going forward, banks will definitely need to make banking more personalised across customer devices.
How has the global pandemic affected product development? What has changed for good?
With the global pandemic, impact of which has come on top of a combination of low interest rates, regulatory changes and competition from challenger banks, banking has experienced a level of disruption that has changed everything that had been the norm in financial services, which include the way employees do their work, the way consumers manage their finances, do banking etc. Due to this, financial institutions are reinventing themselves from the inside out, primarily in the areas of structure and product development. It is a time when banks need to better understand the way consumers expect their financial institution to support their financial needs, which includes the way banks use data, AI, technology and human resources to impact marketing, innovation and the digital delivery of products and services.
Are banks ready for the ongoing and future digital transformation and what needs to be improved?
The key driver for all digital transformation is technology, which will continue to evolve at a swift pace and emerging concepts such as augmented reality and distributed ledger technology will further redefine banking services, primarily in the area of customer relationship, making banking more personalised across customer devices.
In order to succeed, banks need to continue unify end-to-end digital experience, connect digital supply chain, deliver at rapid speed, empower digital innovation, start small, learn fast and scale quickly.
Where do you see product development processes by 2025?
Looking forward, primarily, three key areas will reshape product development in banking sector – serving customers better, through the right channels, with dynamic and relevant products and services; adapting to new ways of working; and building more resilient and agile organisations.
By 2025, banks will operate as digital financial superstores, lying in between technology companies and banks, where major benefits will be reaped by customers, having their banking to be easy, fast, transparent and on their own terms!
Zeeshan MUSTAFA, Head of Products – Assets and Liabilities, Personal Banking at Saudi Investment Bank is a dynamic banker having extensive cross-functional experience in Conventional and Islamic modes of banking in the areas of Retail and SME Banking, Digital Banking, Alternate Distribution Channels and Compliance. He has been instrumental in setting up product development and management units, manage P&L of businesses, sales management facilitation, strategy planning etc. in both, local and multinational banks including Standard Chartered Bank, HSBC, Burj Bank Pakistan, Bank Muscat, Ahli Bank Oman and The Saudi Investment Bank, Saudi Arabia.