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The Key to Evolving Financial Services | Tina Hughes, Yorkshire Building Society
Tina Hughes from Yorkshire Building Society shared three important ideas on how financial institutions need to change in today’s fast digital world.
Hughes starts by saying that customers want more than just regular banking and compare it to using Netflix, Duolingo, and Amazon and says finance companies need to be just as easy and reachable because that’s what people now expect from their banks.
Secondly, Hughes says that even though Yorkshire Building Society is 160 years old, it needs to be adaptable to meet today’s financial world. Because of its history, the building society has a lot of trust and know-how, and can use that as a foundation. Hughes says the hard part is keeping up with innovation and while still taking care of customers.
Thirdly, Hughes talked about why it’s important to decide what to do first. Financial institutions companies have lots of chances, but if they try to do everything well, they might not have enough resources to do anything properly. So, companies need to have clear plans and stick to them. They have to concentrate on what’s actually important to customers and to where the business is going and believes that the future of finance is about being able to change quickly, giving customers what they expect, and staying focused on where the company wants to go.
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