of the bank and the size , security and track record of the vault ,” says Hansen . “ That ’ s changed . Trust is now digital . Knowing people digitally is about personalisation and relevance . Tech-focused organisations are making great progress here , especially with the contextual awareness of digital assistants . In the financial services sector , we still have a long way to go , as many experiences are very generic and irrelevant . This will be a key frontier going forward .”
Spearheading that new frontier are several startup and unicorn fintechs – those flexible , innovative organisations at the forefront of the latest technology and financial services . According to Hansen , the personalisation of financial services through the application of new technology is a key differentiator between incumbents and startups . “ A fundamental principle in any business is , naturally , knowing your customer ; fintech is no exception to that rule . Once you reach that point , everything you do with that knowledge needs to be personalised , and now , new technologies that have commoditised machine learning , clustering and pre-
55 www . fintechmagazine . com