The Gap between Traditional Offer and the Client’s Digital Demand Provides the Opportunity to Become a “Digital Bank”
Miami, July 13th 2017.- Financial technology, or FinTech, will boost the new business model for financial services. The benefits of associating with FinTechs are obvious for the banking industry. FinTechs (or financial technology companies) should understand scalability. It is not about technology, but about what can be created with it. There is a significant gap between the expectation of the digital consumer and the offers from traditional financial institutions to their clients.
These are all conclusions from the online conference organized by FIBA, where Marco Antonio Cavallo, the founder and analysis director of CGN Research & Advisory Group, shared his view on the FinTech effect and the era of banking disruption, with a group of more than 500 virtual attendees from 30 countries.
Cavallo, an expert, columnist and blogger of advanced strategies of information technology at CIO.com and member of the IDG Influencer Network, considers that the financial industry has been historically slow to innovate, so partnering with a smart startup in order to use their leading edge technology can be a quicker way to create a new competitive advantage in an increasingly digital market. According to Cavallo, the banking industry should see the big picture and aptly agree to the long-term impact of an association with a FinTech company or its acquisition.
“There is no need for the banks to deeply understand the underlying technology in order to realize that the original rules of the business remain the same. The banking industry is in need of creative, talented individuals who can synchronize the new technology with the business goals of the industry; because the new digital consumer needs faster and more convenient mobile and online services,” said Cavallo, in a conference organized in the context of CL@B 2017, the 17th Financial Technology and Innovation Conference, organized by Florida International Bankers Association (FIBA) and Latin American Banking Federation (FELABAN) in Miami between August 30th and September 1st. www.felabanclab.com
Lastly, he noted that the relatively poor performance by most of the traditional banking organizations on customer-driven digital accounts, the opening of said accounts and the cross-selling process involve an opportunity for those institutions that wish to grasp the potential of becoming “Digital Banks.”
About CLAB 2017
The CL@B Annual Conference, organized by the Florida International Bankers Association (FIBA) and the Latin American Banking Federation (FELABAN), is the largest Latin American technology and innovation event featuring networking and learning platforms for the financial industry. The conference is a traditional bridge connecting Latin America and the world.
Its 17th edition will take place in Miami between August 30 and September 1, 2017.
Founded in 1979, the Florida International Bankers Association is a trade organization that provides comprehensive support to the global financial services industry through training, conferences, and advocacy. Its members include some of the largest and most influential financial institutions and organizations in the world. FIBA is recognized by the financial services industry, regulators and authorities as a center of excellence for its knowledge and experience. www.fiba.net
The Latin American Banking Federation is a non-profit entity that currently covers more than 500 regional banks and was created in Mar del Plata, Argentina, in 1965 by banking associations and other agencies of 19 Latin American countries.
Its objectives are: to promote and facilitate contact, understanding and direct relations between financial institutions; Contribute to the coordination of criteria and the unification of banking and financial use and practices; Cooperate to economic development; Developing well-being; And to approve further financial deepening and greater access to financial services for low-income populations. www.felaban.com
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