Note from the Pubisher: This is a really interesting read on the four big buckets of change occurring in the banking industry at large. We loved the imaginative example in the piece about banks using Facebook likes to determine future purchasing habits of their customers (BMW 5-Series in the example), and then bundling loans for customers around those items. The piece also linked to a piece on Brazil's Banco Original and their data innovations in the sector. Leading edge thinking on innovations occurring in the global banking industry here.
"I sat through a discussion on fintech last night. The theme was how fintech is changing the business model of banking, and a bunch of bankers focused on the issue. From the dialogue, there were clearly four big buckets of change:
- Regulations and how they impact the incumbents and the challengers.
- Data and the permissibility of usage of data.
- Customers and what they actually need and want.
- Structures and how you marry the digital world with the physical engagements.
These are four big threats and opportunities to fintech firms and incumbent institutions. For example, on the first note, many incumbents see this as their protection."
Read Full Article at Banknxt.com