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  • Today we can do so many things online

  • that only a few places actually require

  • our physical presence.

  • Somewhere in the past five to 10 years,

  • going to the bank fell off that list.

  • The question is: What are banks doing

  • to remain relevant even when they're no longer

  • a stop in the middle of our day?

  • The banks that are affected by this mostly are

  • the midsize institutions.

  • The regional and community banks.

  • Can they replicate the offline

  • personalized services that they are known for?

  • Midsize banks are still competing with large banks,

  • but their direct competition is with fintech startups.

  • Platforms that they're instant, they're relevant,

  • they're personalized, and they're human.

  • This is where midsize banks should focus.

  • Banks that are at the forefront of innovation

  • can do much more than just go digital.

  • They will take whatever is possible with 5G

  • to deliver a service that's fast and frictionless.

  • They'll need to build innovative, personalized

  • online services and use primary data

  • as opposed to just secondary data.

  • It's important to understand that

  • whoever owns the primary data

  • owns the customer relationship.

  • When a bank has full visibility into its network,

  • then with edge-to-edge intelligence,

  • it can process data points securely in near-real time.

  • As a midsize bank, you might be aware

  • of your business client's growth.

  • Their revenue is increasing, team expanding.

  • You can cross-reference these data points

  • to build a more accurate

  • and insightful picture about them.

  • For example, giving them a loan

  • to invest in more property,

  • and then they'll connect you to

  • a whole range of partners

  • for renovation, for construction,

  • for legal services.

  • So playing a much bigger role in their customers' lives.

  • No matter where digital experiences will take us,

  • personal banking will stay personal.

  • This way, no matter where the bank's customers are,

  • they'll feel as if they're interacting

  • with a trusted adviser.

  • Someone who knows them, who provides them with

  • what they need without having to go into a bank.

Today we can do so many things online

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How Banks Of The Future Will Run On Data, Speed, And Security

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    林宜悉 posted on 2020/10/24
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