A retail banking revolution is happening as unbanked millions from emerging economies across the globe discover an appetite for financial products. Our cover story highlights the huge banking opportunities in these markets, but another revolution is happening as banks seek new production and distribution models in this highly competitive industry.
In Chile, three medium-sized banks have decided that if they are to compete with bigger rivals on cost and issues such as speed to market for new products, they need to radically change their back-office procedures. Rather than shaving costs here and there they have sought Chile’s largest telecom carrier, Entel, to take over the banks’ entire back office and IT support function.
