On the battleground of financial services, it is time for financial technology firms to move beyond their current role as a competitor, and for established banks to beef-up their responsive by delivering innovative digital offerings, in order to remain competitive.
During the pandemic, it seems fintechs have had agility on their side – demonstrating strong resilience by continuing to attract investor attention. Today, these disruptive players must plan for the future, by identifying new ways to grow and expand their customer base, orchestrating ecosystems, and further monetising their capabilities.
Incumbent banks, meanwhile, traditionally have on their side the lion’s share of customer trust – by reason of their deep-rooted and historic relationship with end-users. To beat fintechs in the race for market supremacy, however, established organisations must now focus their crosshairs on becoming fully-fledged digital banks. Much like a fintech, this would enable them to be unrestricted by geography, and penetrate new markets. Indeed, by fortifying their heritage, and leveraging their core strengths and relationships, incumbents can become an experiential and sustainable institution of the future.
Yet, for traditional banks, decades of operational patches change have created intertwined, complex, and costly layers of legacy technologies. Once again, digital transformation is the answer, albeit resource intensive.
Sign up for this Finextra webinar, in association with Capgemini, and join a panel of industry experts to discuss:
- The next wave of growth for fintechs and incumbent banks
- Lessons banks can learn from fintechs to become truly digital
- How banks should achieve hyper-personalisation to fortify their market position
- The importance of leveraging customer data, risk management and governance capabilities
- Gary Wright – Head of Research, Finextra [Moderator]
- Gareth Wilson - Vice President, Head of UK Banking & Capital Markets, Capgemini
- Nicolas Colombo Calabrese - Strategic Partnerships Lead, Citi Ventures
- George Toumbev - Chief Operating Officer, Mettle