Make no mistake about it: Open banking will transform how the financial industry operates. The movement has yet to realize its potential, but the shift toward rich, data-led customer experiences is just around the corner.
The banking and insurance industries are dominated by well-known companies that are deeply embedded in the consumer consciousness. However, as technology has evolved, the competition from startups has intensified.
As the landscape of financial services continues to change, it’s critical to stay ahead of the game. ATMs were groundbreaking achievements once upon a time, while more recently, mobile baking was the logical next step in banking’s maturation.
Millennials are changing banks from the inside out, causing them to reduce their dependence on the product-centric, transactional model that has been the standby of banking business for decades. Instead, banks are having to creatively cultivate one of their main advantages, their large customer bases, to develop adapted digital models that promote the bank’s role as advisor throughout their customers’ financial lifecycles.