Is Digital Banking Henry Ford's Faster Horse?

While banks focus on competing against each other with similar offerings, are they in danger of being overwhelmed by tech giants with superior analytics and familiar, easily understood interfaces? [Read More]

Summary… * Machine-Made

This year's the Digital Banking Report from Jim Marous is a record-setting 106 pages based on a crowd-sourced panel of 100+ financial services influencers combined with the results from a global research study of financial institutions.
Their strategic priorities were slightly different — to improve the digital customer experience, better leverage customer insights and reduce costs.
“The fact that the list of trends identified by the financial services industry has remained relatively consistent could be a symptom of a greater problem.
My feeling, reading the report, is that banks and other financial institutions (FIs) are scrambling for better ways to push products at customers.
“Financial services organizations are working hard to improve transparency and increase financial education that will benefit the consumer.

Opinion… * Man-Made

Are banks focused on their own issues (streamlining processes, reducing costs, and using data to pitch more products); creating a faster horse rather than developing something customers want, such as an automobile? #FinTech #Trend

Source: Forbes