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Digitize the lending business. Or lose the race.

25. September 2020

There is still money to be made from lending. But the future of many banks in Europe still looks bleak: More and more players are entering the lending business and intensifying competition, which has already become tougher as a result of globalization. Whether it’s IT giants like Apple and Amazon or comparison portals that suddenly have their own banking license – they’re all shaking up the market with new offerings. Traditional financial institutions, on the other hand, are paralyzing themselves: with rigid decision-making processes, lengthy processing times, a lot of manual activity, redundant processes and the inability to adapt permanently, flexibly and quickly to market conditions. The simple question of whether a regulated banking product is still up to date causes many a banker to hyperventilate within the first few minutes of a discussion. But in today’s connected and automated world, fossils from the pre-digital age have no chance of surviving.

But there is also good news: Banks still have the opportunity – albeit not for much longer – to turn the tide. By completing the digital transformation, towards an agile financial institution with a service platform characterized by customer-friendly, individualized offers and efficient processes …