Financial Institutions will morph into Fintech Financial Institutions

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.

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