Digital has become the pulse of banking customers’ interactions, and it continues to strongly influence their behavior, expectations and needs. Yet, banks are still vulnerable as the new digital customers still find difficulties in solving issues regardless of the channel they use. How can banks enhance customer engagement and leverage this new digital opportunity?
The Fourth Industrial Revolution brought the convergence of the physical and cybernetic worlds, and the digital technologies that came along with it have created new paths of innovation that have disrupted the once known as the most traditional business model: the financial services industry. Will banks and financial institutions survive the arise of the FinTech era?
Digital transformation brought a series of new opportunities to be explored by deeply changing the way consumers and suppliers relate and behave. As businesses grow, the range of offerings becomes more complex, and complexity brings costs. More than ever, IT executives must be aligned with business and use today’s digital technologies wisely to help companies finesse the trade-offs between complexity’s costs and benefits.
Banks have traditionally been considered pioneers of process automation, but they are currently in the background of today’s digitized, customer-driven financial services landscape. The disruption of traditional banking grows stronger worldwide, and banks must reinvent their services to meet today’s device-obsessed consumers expectations.
Banks are struggling to survive through the digital age. In order to compete with FinTechs, regulatory mandates and consumer requirements, banks must be able to plug-and-play into the digital business ecosystem to recover market share and reassure their value proposition. Financial institutions and banks need a new strategic mindset for their business in 2017 and beyond.
With a focus on mobile banking innovation and reinventing financial services, Citi Fintech Acceleration is taking Citi into the future. They pioneer solutions across a range of areas, including:
Talking about innovation, digitalization, and the new paradigm in the world of Financial Services is not something new anymore. On the contrary, it is something we see on a daily basis in different shapes and forms.
PayPal has over 200 million active users who spent $354 billion on the platform in 2016. It faces growing competition from other companies looking to get into the financial technology market including Apple and Amazon. PayPal CEO and president Dan Schulman joins “CBS This Morning” to discuss why going cashless is gaining popularity.