Let's face reality. Customers want what they want, when they want it and how they want it. In this new world, you have to adapt, and fast. A recent study from Facebook suggests millennial customers will be dictating the trends in the banking industry, as well as the pace of the evolution. Often this age group is known as the digital first generation, never knowing a time without a mobile, digital life, so how do you meet their needs? What does the 'bank of the future' look like?

Financial institutions need to develop a strategy aimed at meeting the needs of the digital first generation by making banking easy, simple and intuitive. I believe the best approach is looking at these options:

• Millennials no longer consider traditional banking experiences fit for purpose. In a permanently connect digital world, branch visits and call centres seem antiquated, however they still want to interact with their bank in a personal manner. Artificial intelligence or behavioural analytics can help achieve this goal, allowing the customer to build a digital relationship with their bank.
• Financial institutions are equipped with data and insights. And with the growth of real time notification technology, banks can proactively advise customers of steps that will allow them to control their finances with ease and insight in a manner that is open and valued. In essence, they can be present at most stages of their customers' lives, providing financial support and advice, which done well can be welcomed, appreciated and accepted. The potential can be immense.

• The use of biometrics is another area worth investment. Apart from its security potential, biometric systems can be used to reduce friction in user experience. Using facial recognition or fingerprint technology as a log-in method can change the face of banking and how we interact with technology bringing reality to Arthur C. Clark's words: "Any sufficiently advanced technology is indistinguishable from magic."

• To make mobile banking a more immersive experience, financial institutions can borrow tactics from big consumer tech players. Imagery, for instance, is central to human interactions and banks have fallen behind on using visuals like logos, map or street views to enrich experiences.

Fintech companies and banks have the opportunity to work in partnership with one another. Banks, fintech companies and the advisory services that support them are greater than the sum of their parts.

Customers want a convenient and frictionless experience, and fintech companies and banks can work together to deliver it. So whether it is a new entrant, niche bank, small bank or an established institution, fintech companies are ready to support banks as they venture towards providing a richer experience to the customer. We are in a vibrant fintech environment, but what must happen is a greater degree of collaboration. Banks need to look to advisory services and make the most of the expertise of companies who can help them adapt.