We’ve entered the most profound era of change for financial services companies since its inception. No firm is immune from the coming disruption and every company must have a strategy to harness the powerful advantages of the new fintech revolution. Banks will lose their competitive advantage to non-banking players if they don’t stay ahead of the curve. For successful progressing and gaining larger pie of the fintech explosion banks have to break away from the traditional approach and embrace the new revolution.
Investing in new technology:
Banks need to invest in new age technology to improve customer services and it’s efficiency. Investment needs to be made keeping a holistic approach in mind. Emerging fintech solutions like machine learning, cyber security and electronic transaction needs to get more focus.
Reaching the last mile:
Banks should focus on improving the financial health of the neglected population by making them part of financial inclusion.
Collaborating with fintechs:
Partnering with fintechs and making it easier for them to work with the banks will be necessary for gaining quick grounds. Incubation program and easy access to bank API for fintechs will be the key.