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.
Keep up the good work, thanks!
Thank you for the feedback!