Technology is changing banking in profound ways. Some find it disruptive and some find it innovative, but most changes the financial industry are undergoing currently are positive. We believe innovation is the key to success because tradition can only get you so far. Traditional bankers might find robot advisors and new automated payment systems disruptive, but those of us on the inside understand reducing some forms of manual labor speeds up production and allows more efficiency for financial back offices. Innovations will not only lower costs to serve customers, but improve the overall customer experience.
Customers depend on financial institutions and call centers for their efficiency and ability to solve problems on their time and their terms. Although the impact on profitability is difficult to predict in this fast paced world of fintech, industry leaders have to come to terms with the importance of satisfying customers at all points of contact. Fintech companies strive only to add efficiency to banking systems. They are automating and operationalizing banking services to better support and improve the customer experience. Group President, Nick Nash, at Garena says “The single biggest opportunity is not: how I can take away revenue from banks, it’s: ‘how can we serve markets banks have abdicated or ignored.”
Whether you think fintech is expanding the business of banking or eroding it, it’s clear that the industry is growing at a rapid pace with or without you on board. For banks that fear disruption from the expanding industry, it’s the perfect time to start introducing new features that improve the customer experience. If you don’t do it, it’s guaranteed that the competition will.
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