The article outlines the broad flattening underway in the banking sector, particularly in Europe, where open banking and clear ownership of the records of one’s own financial activities is coming to be realized in 2018.
In response to this, we asked, ‘What is a bank for?’. We wanted to start with a beginner’s mindset – it’s a great place to start when changing something fundamentally. If you started to design a bank with people from banks, you’d end up with just another bank.
We took the concept of a bank apart and reimagined a couple of the common interactions, with the additional lens of making users better off in the long term. Here’s what that might look like:…
Mercator Advisory Group’s ongoing examination of the sea change taking place for financial institutions catering to consumers aligns with the theme of the article. We believe those FIs actively engaging in adopting a fiduciary role when engaging with consumers will be better able to demonstrate the value-add and expertise most consumers would benefit from and seek in managing their financial lives. This central theme in our 2017 research agenda will figure prominently in an upcoming research report looking at Banking as a Platform, due out next month.
Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group
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