All tagged digital transformation
When fintechs first popped up a few years ago, these startups had a goal of disrupting and displacing banks in the world of financial services. Banks stood their ground and made small reactive changes, but kept systems and processes mostly the same. The relationship between these rivals has dramatically changed, with both fintechs and banks now working closely together to impact the future of finance.
Millennials embrace technology, growing up in the age of internet and smartphones apps. Fintech, the connection between finance and technology, has greatly benefited from millennials' quick adoption rates, representing the highest usage by any age group. Despite older generations having a higher net worth and increasing their own daily tech usage, the fintech community as a whole has ignored their specialized needs. 2018 is the year that the industry will venture beyond millennials to baby boomers and Gen Xers that have complex financial goals, in order to disrupt traditional wealth management.
As fintechs expand their core offerings towards becoming digital banks, the challenge of customer loyalty in a digital-only, non-customer facing environment becomes paramount. With only a simple download and a few screen taps needed to switch banks - - how do these companies build a loyal community of primary customers?
Blockchain is becoming widely known as the next big innovative technology, impacting the future of how we do business. The issue faced today is that the answer blockchain provides is still searching for problems to solve that customers are willing to pay for. Which problems will be most realistic and profitable to solve for blockchain?
After years of investment in digital transformation, the top US banks have actually started to pull away with market share while smaller regional banks are left behind, based on a study by Accenture of US banks, in reference to core banking systems, back-office processes, and workforce development.