An appetite for change
The crisis put the promise of technology to the test, and it delivered. Social distancing needs have fast-tracked the shift from cash to contactless.2 As digital-first fintech and big tech entrants continue to shake up the industry, your customers have developed an appetite for change. They expect more from their financial providers and demand personalized and relevant products and services that make their lives and work easier, and faster. Recent research by JP Morgan Chase shows just how much Americans have embraced digital banking, with 80% now saying they prefer to manage their money digitally.3
Transform with urgency
It’s time for the incumbents to set the pace of change rather than to be laggards, following the lead of fintech and big tech rivals. It’s also time to stop thinking of fintech and big tech as just rivals. Look instead to partner for future growth, because not everyone can do everything. You need to focus on adding value to your customers, because that’s the surest way to add value to your bottom line. Legacy infrastructure often takes the blame for a delay in digital transformation, but that excuse has no traction with customers – and they’re what matters.
Customers as compass
Five key battlegrounds for success
Putting the customer first, and ensuring your products and services are shaped around their evolving needs is the holy grail of financial services. At Firstsource, we’ve pinpointed five key battlegrounds all of which focus on customer needs. We believe that how incumbents, fintech and big tech players rise to the challenges of these battlegrounds will determine the winners. And we’re confident there are opportunities for all those prepared to adapt at speed. You can download our whitepaper here: The five key battlegrounds in financial services: fintech vs big tech vs incumbents. And you’ll find a stripped back infographic summary here.
Do please get in touch if you have any questions, or if you’d like to discuss how Firstsource can help you put the customer first and take digital transformation off the page and into practice.
[1]Digital Banking As The New Normal In 2021: What To Expect From Banks
[2]The coronavirus pandemic has caused a surge in demand for contactless payments, accelerating the shift from cash to digital options
[3]Digital Banking As The New Normal In 2021: What To Expect From Banks
[4]Digital Banking As The New Normal In 2021: What To Expect From Banks
[5]Digital Banking As The New Normal In 2021: What To Expect From Banks
