Cutting Through The Noise Around Fintechs Banking has historically been one of the business sectors most resistant to disruption by technology. Since the first mortgage was issued in England in the 11th century, banks have built robust businesses with multiple moats: ubiquitous distribution through branches; unique expertise such as credit underwriting underpinned by both data and judgment; even the special status of being regulated institutions that supply credit, the lifeblood of economic growth, and have sovereign insurance for their liabilities (deposits). Moreover, consumer inertia in financial services is high. Consumers have generally been slow to change financial-services providers. Particularly in…
- The fintechs moment
- Fintech attackers: Six markers of success
- Advantaged modes of customer acquisition
- Step-function reduction in the cost to serve
- Innovative uses of data
- Segment-specific propositions
- Leveraging existing infrastructure
- Managing risk and regulatory stakeholders
- Banks: Six digital imperatives
- Use data-driven insights and analytics holistically across the bank
- Create a well-designed, segmented, and integrated customer experience, rather than use one-size-fits-all distribution
- Build digital-marketing capabilities that equal e-commerce giants
- Aggressively mitigate the potential cost advantage of attackers through radical simplification, process digitization, and streamlining
- Rapidly leverage and deploy the next generation of technologies, from mobile to agile to cloud
- Rethink legacy organizational structures and decision rights to support a digital environment
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