Financial Institutions will morph into Fintech Financial Institutions by:
– Collaborating closely with Fintech to co-build new capabilities
– Competing with Fintechs by investing in in-house Tech, creating digital culture and creating Digital KPIs
– Strategically investing in Fintechs / Software firms focusing on innovation, speed and future potential
– Acquiring Fintechs as well as pure tech organisations with strategic focus
How will you identify Fintech Financial Institutions?
– Customer focused / lowest friction (across digital / physical channels)
– Highest customer stickiness
– Lowest cost income ratio
– Smoothest customer onboarding process through self / partners (in the flow instead of portal / employee based acquisition)
– 100% online transactions through all channels and partners
– Zero defect service
– Highly secure / compliant
– Minimum 30 percent employees in digital initiatives (Data Management, AI, Omnichannel, API, RPA etc)
Time for Financial Institutions to realign with Future.