Paying more attention to what our customers really need seems to be significantly important these days. This is generally considered to be one of the main keys to manage the transition into a fully digitized paradigm. Especially so for the traditional banks.

I couldn’t agree more. It is important to understand our customers and perhaps even more so when struggling for successful digital business models. Still, I can’t help to think that this newfound insight could have been applied a long time ago. But the truth is that business development within legacy banks have not primarily derived from a deep understanding of client need. Instead, for the past three decades, silo thinking and lack of competition have turned the banking industry away from customer centricity.

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