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September 21, 2015

Traditional banks becoming irrelevant to digital customers

Banks no longer meet their needs of the evermore digitally engaged customer.

By Charlotte Henry

Traditional banks are becoming increasingly irrelevant to an evermore digitally engaged customer base, a new report has revealed.

Set for release tomorrow, the Always in Beta project details how millenial customers brought up on the internet are increasingly finding that traditional financial institutions no longer meet their needs.

For example, banks continue to ask customers to delegate their financial decision making, but digial natives do not want this, preferring instead to be empowered to make their own decisions. They also want features that will help them plan for a more uncertain future.

The institutional authority of banks is breaking down too, as digital native customers build their trust based on their networks instead.

The Always in Beta project is a collaboration between Claro and Anthemis, working with the financial institutions ING, Bank of Ireland, Standard Bank, and others to look at the future of the sector.

Samantha Ghiotti of Anthemis explained that "shifting consumer needs, the rise of financial technology, and broader structural and economic changes make this a perfect storm for financial institutions".

While much of this change is being driven by millenials, the research also considers older digital natives.

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Aldo de Jong, co-founder of Claro, said, "while many financial institutions are starting to focus on youth and millennials, the needs of the entire customer base are shifting, and banks need to develop new value propositions that align with and support the lifestyles of digital natives."

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