SHIFT FROM PHYSICAL TO ELECTRONIC DISTRIBUTION RAISES NEW RISKS FOR BANKS TO MANAGE
The shift towards digital channels strikes at the heart of the banking distribution model which has served the industry for over 250 years.
2015 will be the first year in which more UK retail banking transactions occur online or via mobile than in a branch. The latest generations of bank customers lead predominantly digital lifestyles and many have never even entered a branch.
Parker Fitzgerald Partner, David Northen, explains that “the growing disparity between the new product channels and the means of communication required to support risk processes are a major challenge for the risk function”.
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