While the branch remains an influential and necessary fixture in the relationship between a financial institution and its customer, but that is changing, rapidly. The article ably presents the situation as exists today.
With the proliferation of cloud and mobile technologies, banks today have an unprecedented opportunity to redefine the banking experience and re-establish what banking means for their customers. This opportunity extends to every innovator in the space – especially those partnering with banks to help them build the banking experiences of the future.
Mercator Advisory Group believes while the branch will continue to exist in another evolved iteration, supplementing the technology –enabled avenues of FI and customer interaction, the expansion of digital banking capabilities and access thereof will accelerate the transformation of financial services. Access and oversight of technology-enabled financial services is a vital aspect of FIs today. The recently announced transaction by Fiserv to buy Online Banking Solutions (https://goo.gl/eZpraC) illustrates one way fintech is making its way to FIs up and down the stack.
Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group
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