The excerpt below was taken from an article featured by BAI Banking Strategies.
Read the full article here.
Ask banking executives about their top priorities and you are likely to hear that they are pursuing “digitization.” But it’s not immediately clear what this term means. How is it different from automation? The easiest way to grasp the contrast is to think of how digitization has transformed music purchases, travel booking, grocery shopping and taxi services. Banking is moving in the same direction, but conventional banks aren’t leading the charge.
Fintechs win customers by finding value in repetition and automating –“digitizing” – it. Banks need to be able to do the same.
Successful banking digitization is occurring on a product-by-product basis at nimble new non-bank competitors known as “fintechs.” Conventional banks should be worried…