Once upon a time, traditional banks could depend on customer loyalty, no matter what. A bank was the one-stop-shop for all things related to consumer finance. Not anymore. Not now that neobanks and fintechs are competing for the same consumers. Although bank customers are reluctant to move their financial business, banks are being increasingly challenged to address their needs first, which is all working out to their advantage.
Banks are a mixed bag when it comes to utilising technology’s full potential: some are taking full advantage while some are trying, and often struggling, to apply technology to their existing businesses.