Customer centricity and agility driving transformation in banking

Publicis Sapient has released the 2022 edition of its Global Banking Benchmark Study, shedding light into some of the top trends and developments sweeping through the sector. Shaurya Sharma, Senior Client Partner at Publicis Sapient in Australia, outlines some of the key findings among banks in the nation.

The Australian banking industry is on the precipice of disruption, with the pandemic accelerating the drive to online banking and digital transactions. The Australian Banking Association found that currently around 80% of Australians prefer to transact online.

As a result, digital transformation efforts are pivoting toward creating personalised customer experiences and using granular data to better understand customer needs.

According to the ‘Global Banking Benchmark Study 2022’ by Publicis Sapient, over a quarter of Australian banks are prioritising improving customer experience to drive forward their digital business transformation.

In order to transform from a product-centric to a customer-centric organisation, banks need to “scale at speed” by developing agility in their organisation.

A number of key initiatives are driving this change, including structuring teams differently, investing in the cloud and making better use of data. In spite of this, only 20% of Australian banks report having a fully agile operating model.