Banking-FinTech partnerships topic of the day and LendIt FinTech USA.
From branches to call centres. Websites to apps.
The emergence of new technology has always, and will continue, to change the way customers interact with Banks. In the era of digital transformation, competitors have often raced to unveil the latest platform. But the recent rise of FinTech organisations, who offer new products or ways of operating, has brought a new dynamic to the Financial Services Industry, challenging the norm and creating concern among established brands.
In last year’s PwC Global FinTech report, 88% of incumbents confessed to being increasingly anxious about losing revenue to disruptors. But a sense of opportunity is now also prevailing among Banks, as the benefit of partnering with smaller agile organisations, who offer innovative solutions to traditional problems, emerges.
On the second day of LendIt in San Francisco, the evolution of FinTechs from disruptors to partners was the key topic on the agenda. As Banks face major challenges such as increased regulation or growing customer expectations, Banks are increasingly look for external solutions to help them meet their needs.
In the developing ecosystem between FinTech and Banks, customer experience remains the principle driver of transformation. Following on from day one of the conference, ease of interaction, faster delivery and customer empowerment are significant priorities for Banks looking to maximise value for new technology.
Click here if you’d like to hear about how Vizolution’s suite of omni-channel solutions have delivered value to major global banks:
- Increased Santander’s sales by 45%
- Increased HSBC’s CSAT to +90%
- Reduced one Global Bank’s costs by 75%