3M uses cookies on this site Detailed information on cookies and their use can be found in our Privacy Policy. You can customize the cookie-related settings at any time by clicking on Cookie Preferences in the footer of this page.

By clicking "Accept and Proceed" you acknowledge that you agree to the use of cookies on your computer

Accept and Proceed

Skip to Primary Navigation Skip to Site Navigation Skip to Main Content All 3M.com Site Map

Data Challenges To Be Faced By Global Banks

Data Challenges To Be Faced By Global Banks
  • A new report shows the retail banking sector is set to face a number of challenges in coming years, including ensuring customer security. Consultancy firm PwC believes the financial services sector will need to make various changes to meet the needs of its customers. As well as ensuring increasing flexibility to react to the desires of new generation companies and customers, banks are aware of a growing increase in the importance of compliance. Over two thirds of banks involved in the research feel it is crucial to deal with the worldwide trends that will impact the banking industry over the next six years.

  • Data Challenges To Be Faced By Global Banks

    A total of 90 per cent believed customers’ needs must come first and that should be a strong emphasis on the use of big data. In particular, this will mean financial institutions must be able to cope with the shift from traditional banking to digital and on-the-go services. Therefore, ensuring data security and privacy will be upmost for the sector, especially as the survey revealed an awareness that it has been difficult to regain the trust of people following a number of high-profile scandals in the banking industry in recent years.

    PwC also stressed the banks have raised concerns that they are being constrained by a lack of appropriately skilled workers, insufficiently advanced technology and organisational constraints. All of these areas are set to present key challenges in the coming years.

  • Graham Hayward from PwC, explained: “Operating models that are customer-focused and delivery channels that meet the needs of the expanding and highly mobile population are of chief importance. “Furthermore, understanding and being able to effectively manage the processes that support and enhance service-delivery to customers will create additional competitive advantage for the banks that do it well.” The PwC report examined the views of more than 550 financial executives from a number of global, regional, national and community banks across 17 markets with a turnover of at least $50 million.

Share This Article
Share This Article
3M™ Privacy Filters Aid Compliance To Data Protection Guidelines In The Banking Sector
Find Out More
Protecting Your Confidential Personal & Company Data Where Ever You Are
Find Out More
Do You Have A Privacy Or Protection Product Query or Question?
Get In Touch!

Tell Us More About Your Privacy Needs! (e.g. the volume and type of devices your looking to protect) 

    • About You
    • Getting In Touch
    • Your Message
  • 3M optical solutions division offers a wide range of products and services and would like to tell you about them and any other offers we believe may interest you. This would be by letter, telephone or e-mail. If you do not wish 3M to do this please tick the appropriate boxes.

We will only use this information to respond to your request but please refer to our Privacy Policy for full details.

Get In Touch
Prefer To Speak To A 3M Visual Privacy Expert On The Phone? Call Us Now On: 0300 3038161