The coming together of technology advances, cultural shifts, and regulative transformation drives the digital age. How banks react to this to meet the growing expectations of their customers drives their strategies and business models. Against a backdrop of increased competition from new entrants’ intent on disrupting the market, the question is who holds the primary relationship with customers?
The move towards a digital age demands a new way of thinking for providers of payment services and how these financial institutions compete, or in many cases, co-exist is still evolving but is crucial to their success. Now is the time to think and act like a digital company offering services and products to customers who want immediate access to them.
Challenger banks and niche payment providers focus on specific areas of service, working with the fintech community to develop new technologies targeting traditional bank products. The established players must react to this or their failure to transform will lose them customers and impact their revenue. Perhaps the time is to nurture greater collaboration and partnerships?
- Gary Wright, Director of Content, Finextra
- Andrew Steadman, VP, Product Management & Marketing, Fiserv
- Nick Bennett, Chief Operating Officer, Tandem
- Patrik Havander, Head of Strategy and Communication, Nordea
- Niall Buckley, Head of Digital Ecosystems , AIB