Traditional product-centric banking is a thing of the past. The transformation to customer-centric, relationship-based banking has already commenced and pace is not slow. Banks are forced to focus on customer(s) and they are not geared up for this.
Historically banks have been structured around products, so their internal systems. These are under pressure to restructure and align to customers, but bank’s past investments restricts this movement and is one of the biggest hindrances. After all banks have invested Billions of dollars in creating these mammoth systems, how can they just let it go?
