American Banker’s Digital Banking 2017 conference brought together hundreds of fintech companies and banks of all sizes to discuss the impact of technological advances on the financial industry and highlight how traditional banks are paving a path forward in this digitally driven environment.
As consumers have grown more tech savvy and connected via their smartphones, they’re expecting more robust tools at their fingertips from any organization with which they interact, including their banks. But as traditional banks have been relatively slow to hop on the bandwagon – thanks, in part, to their need to funnel resources to regulatory and compliance requirements – consumer satisfaction has been slow to increase.
Traditional branch-based banks continue grappling with issues of trust from a financial crisis that can’t seem to be put firmly in the rear-view mirror. At the same time, fintech firms have been increasingly disrupting the industry and are building loyalty in the process. They are finding ways to engage customers by not only delivering the financial services they want, but providing ease of access at all the right touchpoints. Additionally, a perception that fintech is on the cutting edge of innovation is helping the sector draw and retain digital talent.
Banks have some options as they adjust to a new environment, and several are not hesitating to make important changes in their approach. Whether choosing to “borrow, buy or build” their technological capabilities, banks are exploring options to deliver human-centric digital solutions that can compete with those offered by fintech firms.
And remember burdensome regulation and compliance requirements? Traditional banks have an edge over fintech firms in navigating their complexity as they roll out new features. Add the right partnerships and investments in digital, and banks are poised to deliver the speed and simplicity consumers desire, as well as value-added features that build engagement and loyalty. Read on to learn how banks of all sizes are making strides in meeting consumers’ elevated expectations.