Consumers around the world are evolving, so does the Mauritian consumer.
The expansion of consumer credit few years back created a boom in the industry,
and the current one will be defined by digital. We say that change is constant.
In fact, we are moving from a traditional way of doing things, to a new era
called ‘banking in the digital age’. The 21st century banking is all
about choices; customers do have more choices, more products and services to
choose from and the only way to stay in the game is to adapt our business model
to this 21st mindset by giving our customers what they want. It’s
all about challenging the status quo, transforming challenges into exploration,
and transforming risks into rewards.
If you can’t keep up with the pace of change, you will find your
customers moving away from you, stranded on the wrong side of the digital
divide, from which there will be no return. One of the biggest challenges for banks, and
for our peers in the financial industry, is to find the perfect balance between
the need to implement appropriate regulatory compliance regimes and the ever
changing customers’ needs and expectations. In fact, we are looking for a
return on compliance, while still focusing on improving customer experience and
strengthening our customers trust in us.
Banking in the digital age also embraces all the concept of digital
transformation. And while some sees it as merely an evolution of actual
processes, at Barclays we understood that to be the Bank of the digital age, we
had to include digital in our culture and change our operational models. For
years and years, the proper banking business model was solely physical; people,
branches, physical cash. But now, data, software and services are taking the
lead, and while some are not ready, at Barclays, we realized and understand how
the world and the needs of our customers have changed and we are more than
ready to tap into this new opportunity to gain competitive advantage.
In fact, gaining competitive advantage means moving away from our
routine, thinking out of the box and changing our way of doing things. Digital
is not just about technology and business processes. It is not just about
creating and app for consumers. But it is all about undergoing structural and
cultural changes from within and adapting ourselves to a new generation of tech
savvy customers. Successfully integrating digital technologies in our business
operations will enable the automation of processes, the creation of new
products, the improvement of regulatory compliance, the transformation of the
experiences of customers and the disruption of key component of the value
chain. Banking in the digital age is to look to the future and redefining our
offerings and operations to support a dynamic environment. A dynamic
environment enabled by the new generation of customers, and while we are
willing to appeal to this new and young audience, one of the biggest challenge
we may face, is to also cater for the older audience with more valuable