Close

Choose a country

United KingdomEnglish
South AfricaEnglish
IndiaEnglish
InternationalEnglish

Could Retail Banks Fight the Fintechs with Data?

Blog
6th October 2016

fintech, data and analytics

FinExtra recently posted a story about how banks are using omni-channel, with a focus on the importance of managing customer data effectively. But the real story here is that customer expectations have changed dramatically – they expect service across many different channels, and every mode of delivery has to be equally good.

For banks, there is an additional challenge: financial technologies, or fintechs. Not only are customers expecting more from the service provided, they are now used to consumer technologies that facilitate access to banks 24/7 from anywhere. Now banks need to manage all of these changing expectations just as fintech reshapes the entire industry.

These new, start-up financial service companies have many advantages over traditional banks:

  1. No legacy; how can a retail bank focus on making apps better when they also need to manage traditional branch networks and processes that have evolved over decades – or even centuries?
  2. They are built from the customer point of view; fintech firms don’t need to create online versions of existing services. They can take entirely new ideas and launch them. The service is designed around the customer from the start.
  3. Focus; the app is the service, allowing the fintech operator to really focus on making it as good as can be. It’s also likely to be a more limited service range than traditional banks offer, focused only on what they need to deliver.

Although times are challenging, smart use of data can help traditional banks fight back. They have decades of customer history and behaviour to draw on. If they use this knowledge in a smart way then they have one big advantage over the nimble fintechs – their own history.

What do you think about the way that data and analytics could transform the customer experience in retail banking? Leave a comment below or get in touch with me on LinkedIn.


David Turner
Article by: David Turner

News & Insights

Service Provider
Solution Designer
Technology Enabler
Whitepaper
The HUB #12 – Diversity In Business – January 2020

Cheers to the new year! And with the new beginnings, we are not only happy to present our 12th edition of The HUB magazine, we are also delighted to welcome our new readers into the community! In our latest issue, we take a look at one of our strengths as Webhelp: Diversity! And because we are a community of more than 55, 000 people who work from 36 different countries, what does diversity...

Read 212CAAF2-CC0E-4D90-9134-028C45BDF837 Created with sketchtool.
News
Webhelp Spain plants 1,000 trees and creates a new forest

This initiative is part of an awareness campaign to reduce the use of plastic Webhelp Spain is promoting and encouraging the reduce of plastic in its offices. And with the savings, they have made a donation to Bosquia to plant 1,000 trees and create the Webhelp Woods. Helena Guardans i Cambó,...

Read 212CAAF2-CC0E-4D90-9134-028C45BDF837 Created with sketchtool.
Blog
Digital assistants: more than just a home bot

Artificial intelligence and machine learning opened the doors to a new innovation that promises to make everyday life, whether at home or at work more convenient: digital assistants. Voice activated devices quickly became the new must-have piece of intelligent furnishing in many households. Digital...

Read 212CAAF2-CC0E-4D90-9134-028C45BDF837 Created with sketchtool.
News
Webhelp acquires PitechPlus – a leading software solutions expert

The Webhelp Group announces the acquisition of PitechPlus, a Romanian company that designs, develops and deploys custom - made software solutions, particularly in the areas of sales digitalization and process automation. PitechPlus already supports major European companies in their digital strategy...

Read 212CAAF2-CC0E-4D90-9134-028C45BDF837 Created with sketchtool.
Case Studies
[Fashion] Fifty Jeans – Launch your brand without cashflow problems!

...

Read 212CAAF2-CC0E-4D90-9134-028C45BDF837 Created with sketchtool.
Load more
×

Webhelp Cookies Preference Centre

Strictly Necessary Cookies
The website requires the use of cookies for essential functional requirements and these are outlined in the cookies policy.

Enhanced Functional Cookies
Some features of this website use services provided by third parties websites. These features use cookies to implement their services on this website and may collect data about your visit to help them optimize their functionality. The Webhelp cookies policy outlines the cookies used by these services.

We have links to social networking such as Twitter, Facebook and LinkedIn.
These websites are third party sites. We do not place cookies on their behalf, and do not have control over the way they collect or use your data.
We encourage you to read more about their policies:
Twitter
LinkedIn
Facebook