The integration of communication technologies have been tangibly transforming the delivery of financial services since time immemorial. The recent ongoing acceleration of pace of changes combined with the fundamental re-imagination of processes that are now possible due to technological innovations. As a result, the way consumers and FIs engage to accomplish objectives will begin to be affected.
Banks should reconsider their role in terms of the customer-centered digital reality, and move from the pattern of “branches network” to an “open technology platform”. Then, they can focus on creating a value for final users by collaboration with Fintech companies.
Mercator Advisory Group reckons most FIs will do well to embrace their core business function as it pertains to consumers, safeguarding customer assets and providing a clear record of the use of those assets and associated liabilities. This has created and established trust from the public. Facilitating the use of fintech by the public to make these services more useful and applicable is where FIs stand to gain from the influx of technological innovation underway in their industry.
Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group
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