IMPROVE CUSTOMER EXPERIENCES INSTEAD OF REPACKAGING EXISTING EXPERIENCES
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IMPROVE CUSTOMER EXPERIENCES INSTEAD OF REPACKAGING EXISTING EXPERIENCES
Mobile apps are a great example of how evolving technology has played out in finance . Yet some incumbents reacted to this by simply putting a mobile-friendly wrapper on their traditional business model , merely enabling customers to perform the exact same functions they would have in a physical or online bank but on their smartphone .
Challenger banks and fintechs , in contrast , have often focused on ways to improve customer service , from omitting fees characteristic of traditional banks , to supporting biometric authentication , to layering financial analysis tools over account information . Challenger banks have repeatedly found ways to target areas in which traditional banks ’ services aren ’ t quite in line with customer expectations .
Legacy institutions need to adjust their approach in line with these customer-focused fintechs . Incumbents have the advantage of having a large number of already developed services , and these can be exposed
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