September 7, 2016
In the financial services industry, the underestimation of the opponent is as dangerous as in any other field. And even though we are formally past the stage of confrontation between banks and FinTech startups, there are still classes of startups that can be fairly considered as opponents (like challenger banks or any startup that is moving away from banks and invests efforts in its own licensing).
Companies like N26, Monzo and others have been successfully gaining market traction and reshaping the image of what a modern bank should look and feel like. Startups even make banks appear somewhat archaic and create an image of an innovative, forward-thinking, customer-centric and agile player that uses the latest tech advancements to create the best experience.
That image, however, contains an underestimation of the institutional opponent. Whatever the market scenario is, banks have a couple of aces up their sleeves that they can use to their advantage to connect with customers at a deeper level. Some of those aces were recently mentioned by the British Banker ...