Watch this webinar on how traditional banks should ‘remix’ their portfolio and partner with fintech firms to deliver refined services.
- How can organisations think like a brand, not a bank, fintech firm or a financial institution?
- What needs to change within a traditional bank to retain customer deposits?
- How can the banking ecosystem and fintech marketplace start to meet new needs?
A brand mindset changes how banks and fintech firms make decisions within their business, how they consider their audience and the products and services they build. Without a brand mindset, the financial services industry will enter an era where customer acquisition will become more of a challenge for traditional banks, particularly if they refuse to partner with fintech firms and others in the ecosystem.
Without collaboration, banks will focus on competing with neobanks for deposits, rather than leveraging best in class technologies to improve customer experience through techniques such as personalisation or enhanced UX. Offering attractive interest rates on savings accounts can help to retain customers, but it is only a temporary method; banks must focus on building relationships and achieving long-term value.
Partnering with fintech firms can support those banks that are currently reliant on making small changes with giant core banking providers and would like to deliver innovation through niche banking. While agile is the future, the clunkiness of current infrastructure remains. With collaboration and a brand mindset, fintech firms can fix this gap in the market and help banks create a proposition that connects with existing and new customers.