For an industry built upon identifying and mitigating risk on behalf of their customers, much of banking leadership is paralyzed by the threats posed by fintech startups. Faced with macro-economic pressures, technology adoption decisions and quickly shifting customer expectations, banks are unsure of how to change–and whether or not change is needed at all.
Now, consumer fintech adoption is on the rise, causing an even deeper strain for financial institutions to provide the most current and user-friendly solutions. And as they fall behind, those fintech providers are swiftly winning customer loyalty away from the banks themselves.
So, where does this leave the mid-sized bank of the future? They’re caught between two contradictory views. One is that that they should be reaching for new markets by excelling in a technology presence, and the other stresses that they need to ensure continued customer loyalty by maintaining the footprints their clientele has become accustomed to. Meanwhile, the top ten banks in the U.S. are beginning to prove that they can successfully do both.
In Digital Transformation: The New Bank, we take a deeper look at what draws consumers to choose their financial institution, and, just as importantly, what causes them to leave. This transformation occurs when banks think beyond the competition and put the consumer first.