11
FINTECH
11
: FS - trust and control
CLICK TO WATCH | 3:15
40 technological and operational capability . “ It ’ s difficult for them to do anything about ,” he expands . “ There are challenger banks entering the market that are more operationally efficient , more nimble in making changes and better suited to rolling out these technologies , as well as regulatory pressure – it ’ s a bizarre confluence of pressures and we ’ re seeing a real resetting of what good looks like in financial services .”
Another contributor to this shifting landscape is the role of the consumer . Financial services is not alone in its quest to satisfy the digitally-driven needs of modern customers . Personalisation and a more customercentric approach in particular are driving change . There are , says Brear , two key drivers in this narrative : trust and control . The former , has always been a concern to financial institutions . “ People trust their banks not to disappear with their money ,” he states , “ but they don ’ t necessarily trust them to do the right thing by them .
“ Greater control is shifting the dynamic – we want to feel in control of our money and our situation – and today consumers are more in control
JUNE 2020