On the other hand, FinTech companies can often build products and services outside of the compliance, regulatory, governance and legacy IT system burden that the existing banks face.
Recognizing how poor customer experience is jeopardizing the company’s viability, many financial services companies have made customer experience the top priority. They all want to be number one for customer service, trust and advocacy. To that end, the companies are undertaking massive business transformation initiatives to create a “stronger, simpler” business.
In addition to consolidation, companies are investing heavily into usability and the customer journey. They are enabling their legacy applications with mobile security and customer identity management into simple, personalized, mobile experiences, targeting the customer journey that will have the biggest impact on the bottom line.