A Strategic Axis for Banking
- Madrid,Spain (April 23,2025) -- The global banking system faces a stark choice: transform or disappear.
- Now, many are expanding their portfolios to include consulting, training, details, and other tools, Mejía Betancourt said, citing a recent study by his firm.
- This shift is driven by competition from fintech companies, growing demand for digital services, and the need to stand out in a crowded market, he explained in an...
Banks Must Adapt or Risk Irrelevance,Consultant Says
Table of Contents
- Banks Must Adapt or Risk Irrelevance,Consultant Says
- Banks Must Adapt or Risk Irrelevance, Consultant Says
- Beyond Traditional Banking: A New Ecosystem
- From social Obligation to Strategic Imperative
- Global Study Highlights the Trend
- Adapt or Fall Behind
- The future of Banking: A Platform Approach
- Banks Must Adapt or Risk Irrelevance: A Q&A with Juan Francisco mejía Betancourt
- Q: What is the main challenge facing banks today,according to Juan Francisco Mejía Betancourt?
- Q: What are banks doing to stay competitive in this changing environment?
- Q: Why are banks expanding into non-financial services? Isn’t that outside their traditional role?
- Q: Were non-financial services always strategic for banks?
- Q: What specific types of non-financial services are banks offering?
- Q: What does the Woki Consulting Europe study reveal about the adoption of non-financial services by banks?
- Q: What happens to banks that fail to adapt and offer these new services?
- Q: What does the future of banking look like according to the study?
- Q: Can you summarize the key takeaways of the article in a simple table?
- Q: In essence, how is banking changing?
Madrid,Spain (April 23,2025) – The global banking system faces a stark choice: transform or disappear. That’s according to juan Francisco mejía Betancourt, president and founder of Woki Consulting Europe, who says banks are increasingly offering non-financial services to stay competitive.
Beyond Traditional Banking: A New Ecosystem
In the past, banks primarily focused on financial services. Now, many are expanding their portfolios to include consulting, training, details, and other tools, Mejía Betancourt said, citing a recent study by his firm.
This shift is driven by competition from fintech companies, growing demand for digital services, and the need to stand out in a crowded market, he explained in an interview.
Mejía Betancourt noted that non-financial services were once viewed as corporate social responsibility initiatives.Though, they are now a strategic necessity for sustainable growth and market presence.
“Non-financial services are organically integrating the banking business,and far from being a mere marginal complement of social responsibility policies,” Mejía Betancourt said. “This explains the tendency to offer original,high value content,as well as resources that effectively contribute to the business performance of customers,with special attention to the sector of small and medium -sized company.”
Global Study highlights the Trend
Woki Consulting Europe recently completed a global report evaluating 75 banks across five continents. The study found that nearly 70% are already offering non-financial services. Mejía Betancourt, who also advises IESA Higher School and founded Soluciona Business, with offices in Venezuela, Panama and the Dominican Republic, called the results “impressive.”
Adapt or Fall Behind
banks that fail to adapt risk losing market share, Mejía Betancourt warned. They will struggle to offer the added value needed to differentiate themselves.He believes this evolution benefits both businesses and individuals by providing opportunities for greater efficiency and growth.
The Future of banking: A Platform Approach
The study suggests the future of banking involves a transformation from traditional to digital, ultimately evolving into a “Business Services Bank.” This platform-based model would offer administrative systems, artificial intelligence, and data management services.
“The trend is that banks become suppliers of an amount of services that the client needs on a day -to -day basis, beyond traditional financial services,” Mejía
Banks Must Adapt or Risk Irrelevance, Consultant Says
Madrid, Spain (April 23, 2025) — The global banking system faces a stark choice: transform or disappear. ThatS according to Juan Francisco Mejía Betancourt, president and founder of woki Consulting Europe, who says banks are increasingly offering non-financial services to stay competitive.
Beyond Traditional Banking: A New Ecosystem
In the past, banks primarily focused on financial services. Now, many are expanding their portfolios to include consulting, training, details, and other tools, Mejía Betancourt said, citing a recent study by his firm.
This shift is driven by competition from fintech companies, growing demand for digital services, and the need to stand out in a crowded market, he explained in an interview.
Mejía Betancourt noted that non-financial services were once viewed as corporate social duty initiatives. Though, they are now a strategic necessity for sustainable growth and market presence.
”Non-financial services are organically integrating the banking business,and far from being a mere marginal complement of social responsibility policies,” mejía Betancourt said. “This explains the tendency to offer original,high-value content,as well as resources that effectively contribute to the business performance of customers,with special attention to the sector of small and medium-sized companies.”
Global Study Highlights the Trend
Woki Consulting europe recently completed a global report evaluating 75 banks across five continents.The study found that nearly 70% are already offering non-financial services. Mejía Betancourt, who also advises IESA Higher School and founded Soluciona Business, with offices in Venezuela, panama, and the Dominican Republic, called the results “impressive.”
Adapt or Fall Behind
Banks that fail to adapt risk losing market share, Mejía Betancourt warned. They will struggle to offer the added value needed to differentiate themselves. He believes this evolution benefits both businesses and individuals by providing opportunities for greater efficiency and growth.
The future of Banking: A Platform Approach
The study suggests the future of banking involves a change from traditional to digital, ultimately evolving into a “business Services Bank.” this platform-based model would offer administrative systems, artificial intelligence, and data management services.
“The trend is that banks become suppliers of an amount of services that the client needs on a day-to-day basis, beyond traditional financial services,” Mejía.
Banks Must Adapt or Risk Irrelevance: A Q&A with Juan Francisco mejía Betancourt
The global banking landscape is undergoing a massive transformation. Juan Francisco Mejía Betancourt, president and founder of Woki Consulting Europe, provides insights into this shift, emphasizing the urgent need for banks to adapt or face obsolescence. This article explores the changing role of banks, the rise of non-financial services, and what the future holds for the industry.
Q: What is the main challenge facing banks today,according to Juan Francisco Mejía Betancourt?
The main challenge,as identified by Juan Francisco Mejía Betancourt,is the need to transform or risk disappearing. The banking system is at a crossroads, facing pressure from fintech companies, evolving customer expectations, and the need to differentiate themselves in a competitive market.
Q: What are banks doing to stay competitive in this changing environment?
Banks are increasingly offering non-financial services. this shift goes beyond traditional banking products, expanding into areas like:
- Consulting services
- Training programs
- Other tools and resources
Q: Why are banks expanding into non-financial services? Isn’t that outside their traditional role?
Yes, it is a departure from the traditional role. This evolution is driven by several factors:
- Competition from Fintech Companies: Fintech firms are offering innovative services, forcing traditional banks to up their game.
- Growing Demand for Digital Services: Customers want convenient,digital solutions,driving banks to adapt.
- The Need to Stand Out: banks need to distinguish themselves in a crowded market. Non-financial services provide a way to add value.
Q: Were non-financial services always strategic for banks?
No. According to Mejía Betancourt, non-financial services were once seen as part of corporate social responsibility initiatives. Now, they’ve become a strategic imperative for sustainable growth and maintaining a competitive market presence.
Q: What specific types of non-financial services are banks offering?
The shift involves providing valuable content and resources that can directly contribute to the business performance of their customers, particularly small and medium-sized enterprises. This might include educational resources, industry-specific insights, or tools to improve business operations.
Q: What does the Woki Consulting Europe study reveal about the adoption of non-financial services by banks?
The study, which analyzed 75 banks across five continents, found that nearly 70% of them are already offering non-financial services. This demonstrates a important trend towards a broader range of services than just financial products.
Q: What happens to banks that fail to adapt and offer these new services?
banks that fail to adapt risk losing market share. They’ll struggle to provide the added value necessary to stand out from the competition,potentially leading to a decline in their customer base and overall business performance.
Q: What does the future of banking look like according to the study?
The study suggests a move towards a “Business Services Bank” model. This involves a transformation from traditional to digital and a platform-based approach. This platform would offer:
- Administrative systems
- Artificial intelligence (AI) solutions
- Data management services
Q: Can you summarize the key takeaways of the article in a simple table?
Here is a summary of the key changes in the banking industry identified by Juan Francisco Mejía Betancourt and the Woki Consulting Europe study:
| Aspect of Banking | Before | After |
|---|---|---|
| Focus | Financial services onyl | Financial services + non-financial services (consulting, training, tools) |
| Driver | competition from Fintech companies and growing demands | Demand for digital services |
| Strategic Goal (for survival) | Social responsibility | Strategic necessity for sustainable growth and presence |
| Future Model | Traditional | Business Services Bank (platform-based) |
Q: In essence, how is banking changing?
The core is shifting. Banks are evolving from being solely providers of financial products to becoming all-encompassing suppliers of services that address clients’ everyday needs. The trend is toward providing extensive, high-value solutions that go beyond just the basics. This includes a strong focus on technology adoption and delivering enhanced customer value.