It’s not news that the majority of retail-bank managers in Europe are concerned about the territory being lost to “the enemy”, those clever, customer-pleasing fintech companies. Fortunately, the end is not in sight for forward-thinking traditional banks that not only make the most of their formidable advantages and resources but also turn enemy into partner through coopetition.
The banking industry is changing. We’re now in an age where banks are competing on customer experience – and when it comes to making that experience better, using data to create connected customer journeys equals power.
App developers are shooting ahead like missiles, struggling to outdo each other in the creativity department, and customers are loving them for it. But are banks keeping up, or have they been left out of the digital party, still struggling with outdated systems that simply “don’t do” technology all that well? 2017, characterized by the unexpected, is separating the serious contenders from the rest.