Crafted Thoughts Blog | The Craft Consulting

The big PSD2 challenge for global banking institutions

The CraftApril 6, 2018April 6, 2018Account Based Strategy, Strategic DifferentiationABM, banking, financial services, PSD2

Most large financial institutions are having to compete with new challengers in the banking world but increasingly regulation is forcing the financial services marketplace to open up. The latest EU legislation is PSD2 (Second Payment Services Directive), which forces banks to open up their vast data siloes to third parties. The fear for many of … Continue reading “The big PSD2 challenge for global banking institutions”

The challenge of compliance in the global financial services industry

The CraftMarch 22, 2018March 22, 2018Account Based Strategy, Strategic DifferentiationABM, banking, financial services

All Financial Institutions are experiencing increased scrutiny due to new regulations. One of the leading challenges now faced by banks is therefore compliance as they have to keep up with continual change to regulation. On average, most financial institutions are spending around 4% of their total revenue on managing compliance – this is compounded by … Continue reading “The challenge of compliance in the global financial services industry”

The challenge of digital transformation in the global financial services industry

The CraftMarch 6, 2018January 3, 2019Account Based Strategy, Strategic DifferentiationABM, banking, financial services

For many traditional financial institutions they have never had to truly compete. There used to be a small number of players with a huge market audience. This is no longer the case – technology has enabled challengers. Challenger banks such as Monzo and Atom, are digitally enabled organisations which can supply customers with improved CX, … Continue reading “The challenge of digital transformation in the global financial services industry”

One month on from the launch of PSD2, who are the winners?

The CraftFebruary 26, 2018March 27, 2018Change Consultancy, Strategic Differentiationfinance, financial services, OBE, Open Banking, Open Banking Economy, PSD2

In the recent report, ‘Thinking like a Financial Institution’, we examine the main challenges faced by Financial Institutions in the technology-enhanced 21st century. One of the main challenges sited in the report is regulation, specifically Open Banking/PSD2 – a regulation forcing Financial Institutions to open up their data systems to third parties. This blog will … Continue reading “One month on from the launch of PSD2, who are the winners?”

Building a compelling proposition around digital transformation.

The CraftNovember 23, 2017November 24, 2017Proposition Development, Strategic Differentiation, Transformationdigital transformation, Proposition development, proposition differentiation, Transformation

We’ve recently considered the following questions in relation to Digital Transformation. Click on the link the review our previous posts. What does transformation mean? How is transformation being implemented by businesses? Where have businesses reached on the digital transformation journey? By thinking about these three questions as a collective, we’ve developed some acid test points … Continue reading “Building a compelling proposition around digital transformation.”

Where have businesses reached on the digital transformation journey?

The CraftNovember 15, 2017November 15, 2017Strategic Differentiation, Transformationdigital, digital transformation

Not all organisations are in the same position on the journey towards a fully transformed digital state. As you’d expect, the question of where businesses are on the digital transformation journey is a very mixed picture: Many are aware of digital transformation, but haven’t pursued what to do about it. Some have adopted digital as … Continue reading “Where have businesses reached on the digital transformation journey?”

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Crafted thoughts from the Craft…

The big PSD2 challenge for global banking institutions

The challenge of compliance in the global financial services industry

The challenge of digital transformation in the global financial services industry

One month on from the launch of PSD2, who are the winners?

Building a compelling proposition around digital transformation.

Where have businesses reached on the digital transformation journey?