News & Views - Savantor

The Pace of Evolution

Wednesday, 09 April 2014
In the past two weeks, RBS has announced the closure of 44 of its bank branches, citing a 30% fall in in-store transactions over the past few years as the reason. This is the latest in a number of banks taking the decision to reduce their bank branches services; Clydesdale and Yorkshire Banks are to close 28 branches over the next nine months and in November, Barclays confirmed plans to cut 1700 customer-facing jobs from its branch network in 2014. Customers’ needs and banking behaviour is changing at an ever-increasing pace and the actions by the banks are reflecting these changes. The reduction in front-line services is counter-balanced by an increase in investment in mobile banking and technology. According to the British Bankers’ Association (BBA), in a single year the number of mobile phone banking transactions has doubled, reaching 18.6 million a week in 2013. This is a much faster take-up than internet banking experienced in the last decade. The Chief Executive of the BBA has described branch usage as being in “seismic decline”. Similarly to RBS, Clydesdale and Yorkshire Banks have said that branch use has fallen by 30% in the past three years, while internet and mobile banking has risen 40%. Last week it was announced that the UK’s first ‘digital-only’ bank is to be launched next year. The bank – called Atom – will not have any bank branches or telephone banking services available to customers. A full range of personal and business banking products will be managed by customers through the internet and mobile apps instead. This year the service Paym is being launched, which will enable customers of most Banks to send and receive payments securely using just a mobile number. Whilst there is always likely to be a need for customer-facing banking services such as mortgages and other major financial decisions, personal banking can undoubtedly move away from the bank branch concept – for the majority of the population. There is also a generational aspect which needs to be considered; whilst the majority of younger people use technology for not just banking but in many aspects of their daily lives, older generations are not necessarily so comfortable with it and do not always have the tools or skills to use it. In 2009 the Payments Council set a target date of October 2018 to close the central cheque clearing system, but scrapped the plans two years later following a public outcry. Nevertheless, the general pace of evolution in banking practices can be seen to be gathering momentum, boding for exciting changes ahead. On this basis, 2014 looks to be a year of revolutionary change in the industry!
Savantor Services

Savantor Services

Savantor services are tailored to Client needs based on our core service areas

Specialist Resourcing Payments Strategy Platform Transition Operational Efficiency
Savantor Services

Job Opportunities

Consulting and contracting roles in the payments, mobile and banking arena within the UK and across Europe

View more
Savantor Services

Savantor Views

Find out more from our Savantor brochures, MarketEye back copies and Industry opinion

Collateral Market Eye News & Views Sign Up to receive MarketEye

Client Quotes

Interchange Review

"Savantor did a superb job in confirming what we believed was an area of weakness. The detail we now have will enable us to agree internally what we need to do to improve structure, control and income. Nationwide management were very impressed with the quality of the Savantor team."

Adam Slater, Senior Manager - Banking - Nationwide Building Society - UK

Acquirer Risk Assessment

"The expertise provided by Savantor has greatly helped us evaluate our risk position and to take the right steps in managing our future risks. Strong, disciplined planning and an ongoing willingness to work closely with our staff played an enormous part in making this a very successful well-delivered project which will greatly help us in achieving our business goals."

Mark Healy, Chief Risk Officer - NEOVIA Financial - UK

Card Processing Migration

"Disciplined methodology and effective teamwork, guided by Savantor's migration expertise and operational knowledge, were the hallmarks that led to the resounding success of this project, enabling us to maintain and develop our business capability."

Robert Lambert, Head of Cards Strategy - Permanent tsb bank - Ireland

Acquirer Specialist Support

"OP-Pohjola Group has used Savantors help in numerous different specialist projects differing from risk assessment to management tool creation to transaction analysis. We have been very satisfied by the quality of the service provided by Savantor's experts."

Kai Lindstrom, Head of Acquiring - OP-Services Ltd - Finland

Card Migration

"I was impressed by the speed with which the Savantor team were able to start delivering and as a team they have made a significant contribution to the success of the Programme."

Bjorn Niels, Programme Director - ABN AMRO Bank - The Netherland

Platform Selection

"Savantor's support in our platform selection process has enabled us to sustain our profitability and positioning for the future. Their advice and guidance was essential to our decision-making."

Robert Lambert, Head of Cards Strategy - Permanent tsb bank - Ireland

Issuer and Acquirer Transformation - Assessment and Mobilisation

"We were in urgent need of external independent expertise to supplement our internal resources. Senior consultants had to quickly integrate with a diverse team from across the bank and actively contribute. I am pleased to say that Savantor was able to deliver on our needs as well as being good people to do business with."

Lars Bostrom, Head of Cards - Nordea - Scandinavia

Commercial Card Migration

"Execution at its best. We're delighted that this project has been truly outstanding and received an award from 'The Banker'. Savantor provided crucial expertise that helped us keep all our promises in terms of delivery. The scheduling, planning and control regime throughout was excellent."

Chris Mason, Director - Commercial Cards EMEA - Citi - UK

Clients - Request Support

Send us a support request and one of our specialists will be in contact to assist you.

Consultants – Upload your CV

Register your CV with us and gain access to a range of job opportunities through our online job search portal.