How Banks Can Keep Up With Fintech Startups
PSFK’s Digital Banking Playbook outlines how legacy banks and systems can adapt to compete in a time where customers are expecting and demanding more
The ‘bundled,’ minimally transparent products of traditional banking institutions are proving inefficient for a new wave of informed and always-on customers. Fintech firms, by contrast, are leveraging cutting-edge digital solutions to appeal to consumers—offering hyper-relevant products and services, multi-channel access, and open transparency about fees and operations.
To bring value back to their own platforms, banks must offer seamless, contextual customer experiences across all channels. By reimagining the customer narrative through a digital lens and delivering secure, omni-channel access, banks can deliver highly personal, differentiated services and cultivate trust.
- Synchronizing customer experience across multiple channels – online, mobile and physical branches
- Reversing the decline in customer loyalty and engagement
- Ensuring secure and seamless digital transactions and protecting customers from fraudulent activity
- Developing innovation and cross-channel efficiency at scale within a legacy system environment
- Building trust with customers who demand transparency and enabling two-way conversation channels
- Creating platforms and services that cater to customer expectation for personalization, security and convenience
- Managing costs associated with customer acquisition and new product development
- Extracting additional value through personalized products and services
- Adapting to regulation and compliance costs which inhibit agility
- Evolving traditional legacy systems, company culture and processes
The Digital Banking Playbook, presented in partnership with Microsoft, highlights how digital tools can augment a financial institution’s ability to optimize operations and reinvigorate the client experience. Download the free report here.
Before you start filling up your calendars with conferences to spark your business innovation and personal growth this year, add CXI 2018 conference to your wish list! For its 12th year running, PSFK is hosting an intimate conference where emerging pioneers and established experts will take the stage to discuss all things innovation around the new consumer experience.
Steve is the co-founder and SVP of business operations for Estimote, a startup that is creating a new ecosystem of mobile applications utilizing iBeacon technology. Through its SDK, over 40,000 developers are creating applications that can sense an object’s ownership, location, temperature, motion and proximity to an Estimote sticker. Steve is a former programmer who, prior to Estimote, provided software and systems-level solutions to Apple and Google.
A talk from Scott Bedbury at PSFK 2017 stresses the importance of transparency in a country that has fallen prey to “alternative facts”