The availability of and access to information in the past 10 years has fundamentally changed the way we live and think. This extends to all parts of our life, and has served to disrupt the position of many institutions that previously appeared unassailable.
2017 is the year the “challenger banks” enter the UK current account market. Instead of gimmicks, promises of cash-back, or requirements for minimum deposits, these banks focus on problem-solving money.
Mercator Advisory Group recognizes the open banking model underway in the U.K. will be distinct to the region and the issues will manifest differently in the U.S. banking market. However, it must be quickly added that the movement to increased personalization of financial solutions is certainly coming to the U.S. and established financial institutions will be hard pressed to both sustain their core services and provide the expanding niche type products and services consumers are coming to expect. That is not to say that it cannot be done, but rather those that are successful will have introduced flexibility in their own processes to accommodate customer requests and collaborative efforts with fintech.
Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group
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