Note from the CEO: Talk about disrupting a whole financial sector, banks are ground zero in changing the way they do business. They not only have had to polish their “evil” image, and adhere to a lot of new regulations, but have also had to keep up with changing technology and all the new startup firms vying for their customers. So many fronts, so little time. This article explains how the banking sector must adopt a cognitive approach to keep customers and attract new younger customers to open banking relationships.
“Since the 2008 financial crisis, the sector has looked to repair reputational damage, lock down compliance in the system and rapidly innovate to serve a new generation.
During this period of change, banks must redefine the value they want to provide for their customers. For example, do they want to finance the future dreams a millennial may have or be their social media finance service provider, which may lead to a rethink of the banking services they deliver.
While they’re trying to figure that out, fintech start-ups are attracting customers with the likes of digital wallets, social media payment apps and social investment opportunities.”