The Royal Bank of Scotland is to spend over £1 billion over the next three years to rebuild its retail banking business, with investment in digital channels as the primary focus.
To date, investments in digitizing retail banking have been paultry, inchoate, and diffuse. An investment of this magnitude will raise the bar for retail banking (and retail generally). If exectuted properly, RBS stands create significant competitive advantage,
brand advantage, and sales.
In generic terms the retail banking is on the fast lane for digital banking. In parallel, the speed if not strategic, will lead to faulty investments. An appropriate strategy based on business views and analytics is a must to optimise. The vendor market
is crowded as well. The right choice for the right business is strongly recommended. When designing security architecture the matra is 'Secure all, release on need basis' for digitisation it is the opposite, digitise selectively.
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