Is Fintech Posing an Existential Crisis for Banks?
While the word on Wall Street, Bay Street, and Canary Wharf might be that fintech is posing an existential crisis for banks, Raman Bhatia, head of digital for HSBC in the U.K. and Europe, says fears are overblown. In a recent interview with CNBC, Bhatia, said while established banks are facing challenges from digital-only banks “there could be many models that could build on top of the bank’s model and co-exist with what banks have to offer.” However, Bhatia cautioned that financial institutions need to be nimble and not rest on their laurels, but instead leverage their trusted reputations to drive innovation and continue to engage their customers. Want to learn more you can read the full story here.
Liberty Bank Exec Urges Peers to Focus on the Customer
While it’s easy to get caught up in hype of new tech tools, Kevin Tynan, SVP at Liberty Bank for Savings in Chicago, urges his peers to “forget fintechs and focus on your customer.” Sharing his thoughts on American Banker, Tynan urges community bankers to follow the example of innovative online retailers, to develop exemplary relationships that leverage disruptive technology to serve the customer better. What do you think of Tynan’s argument? Send us a tweet to share your insights.
Data is the Key to Customer-Focused Service Delivery
Use of digital assistants, like Amazon’s Alexa and Google Home to complete transactions of all types are on the rise according to IDC. Analysts predict that the next few years will see a rapid growth in revenue driven by data-based products for Fortune 500 companies.
While the promise of not only more revenue, but more profit, from integrating digital assistants into customer-facing activities is very appealing, there are steps enterprises need to take now in order to maximize the advantages. Transformative technologies – like digital assistants – are underpinned by good data. In a recent interview, Bruce Rogers, Chief Insights Officer and Head of the CMO Practice at Forbes Media shared, “If your data is unreliable or redundant it’s difficult to avoid sending redundant or even conflicting messages to your customers.”
Looking for best practices and trusted strategies to drive digital engagement and improve customer experience? You can find that here.