The trap of falling in love with the packaging rather than the product is one message the author adroitly delivers in this article. The siren of technology promises FIs seeking to rebuild to their former glory and many Fintechs seeking to scale the heights that introducing faster and better will make it happen for them. The counter is well laid out thusly:
The real r-evolution is to learn how to leverage artificial intelligence to digitize knowledge and augment human capabilities to make uneasy decisions along their life cycle, and price it as a service. This is consistent with the idea that financial services organizations should turn into a holistic cognitive platform that allows the rebuilding of lost trust through a fiduciary relationship. Only in this way can organizations transparently forge their decisions about better financial management.
Mercator Advisory Group understands the development of closer alignment with consumers is a long-standing goal for most financial institutions, and that building that relationship is an iterative process. We recognize the validity of the author’s contentions the timely presentation and delivery of personalized solutions has become increasingly cost-effective leveraging technological innovation and digital data. The migration to this model will be an iterative process, but those organizations steering to the lodestar of delivering personalized solutions drawn from appropriate providers will be the leaders as the market takes on its new form.
Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group
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