GEC NEWS WIRECisco’s new research titled “Roadmap to Digital Value in the Retail Banking Industry”, which reveals that retail banks have the potential to realize $405.3 Billion from 2015 to 2017 as the Digital Value at Stake (VaS). Yet, in 2015, financial services as a whole captured just 29 percent of that opportunity. Of the challenges slowing growth and innovation, cybersecurity weakness is certainly at the forefront. Cybersecurity concerns have prevented retail banks from adopting digital technologies and business models. And this has contributed to them missing out on more than 70 percent of the potential revenue opportunity.
“With the pressing realities of agile ‘fintech’ disruptors, digital consumer demands, and complex regulatory hurdles, the question of how retail banks can compete and capture the revenue opportunity at hand has come to the fore,” said Mike Weston, Vice President, Cisco Middle East. “As the largest segment of financial services, retail banks play a critical role in any economy. The ability for digital technologies to create and drive new revenue opportunities, combined with the ability to lower operational costs through digitized business processes, brings tremendous opportunity. But, too many banks are moving slowly or not at all. By waiting to digitize their businesses, or by delaying new technology initiatives, banks risk not only missing out on the potential Value at Stake, but are actually at risk for being put out of business altogether.”
