How Banks Can Keep Up With Fintech Startups

How Banks Can Keep Up With Fintech Startups
Financial Services

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

  • 22 february 2018

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.

For our Digital Banking Playbook, a collaboration with Microsoft, PSFK Labs outlined the key challenges financial institutions face when undergoing this digital transformation:

  • 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.

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