Note from the Publisher:  In the following piece, Kentucky-based CSI addresses tech disruption in banking, and elaborates on what banks need to do to create a seamless customer experience.  Interestingly, banking is really at a crossroads right now.  New fintechs have started up and are looking to take over the banking space while others, such as Goldman, Citi and Wells Fargo, have created their own internal fintech accerelators and incubators for technology innovation. 

In the meantime, robo-advisories which have looked to slice away at banking customers, have offered products that act as savings/investing accounts with as little as a few pennies per transaction invested.  Thing is, a whole bunch of these new innovators are not yet profitable, (or even close) and many may fall by the wayside, leaving a wide path for banks who can then go in and swoop up the spoils. 

Anyway, if you invest in the financial sector for clients or trade it for your alt fund, one vital piece of research should be on the bank's current and future plans for technological innovation.


"The notion of technology disruption has been, and continues to be, a huge topic of discussion in the financial industry and beyond. As technology evolves and becomes more sophisticated, many experts believe that the industry needs to evolve with it to better serve customers who crave innovative ways to fulfill their banking needs.

In his welcome address that kicked off day two of CSI Customer Conference 2016 in San Antonio, Texas, CSI CEO Steve Powless talked about the importance of financial institutions focusing on the future of technology. That’s because, from his perspective, the technology that’s driving consumer behavior today will not be the same a few years, or even a few months, down the road. 

'Any new technology will require more integration, faster deployment, new staffing models and perhaps an even more entrepreneurial mindset,' said Powless. 'Because at the end of the day, it will continue to be the interplay between consumer expectations and technology capabilities that brings ongoing disruption to the banking industry'.................

Powless provided some guidance for financial institutions to manage disruption in order to better target and enhance their offerings to customers. Here are three tools he suggested for disrupting the status quo to create a seamless customer experience:

  • Customer Relationship Management (CRM) – Banking CRM software enables financial institutions to track, view and analyze interactions across the entire customer lifecycle.
  • Business Intelligence – Business Intelligence applications help leverage bank customer data to make informed decisions and create new revenue opportunities.
  • Integrated Digital Platforms – Modern digital banking solutions, which include mobile and Internet banking, are fully integrated into the core, enabling banks to connect with and serve customers in all new ways.


Regardless of the approach, the financial industry must consider additional ways in which to bring outside thinking in and pursue more disruptive IT projects. The tech industry around us will continue to innovate, so banks must take steps to keep pace—or be left behind. A key piece of advice to remember: there is no longer a banking experience, there is only a customer experience. "


Source:  CSI Website