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Banks will need Brains, Heart and Courage to get out of Oz

Consumer Banking in America is as romanticized as the tale of the Wizard of Oz. In many ways, the American banking experience can be related to the 1930s classic movie with Emerald City being the idealistic banking institution. If you can for a moment, entertain your imagination; picture yourself as Dorothy and one of life’s unexpected events hits you like a tornado. Headed to the bank, you hop on your bike with your dog Toto. Upon arriving at the bank you encounter a Scarecrow without a brain, a Tin Man without a heart and a Cowardly Lion who lacks courage.

So how do all these fictional characters relate back to banking? The Scarecrow depicts the level of confidence consumers have in trusting their banks, the Tin Man represents loan borrowing and the Cowardly Lion is a portrayal of retail bank branches. For the sake of fictional comparison FinTech startups can be associated with the good witch or the bad witch, depending on what side of the spectrum you’re on.

Big banking institutions have been living in their own fairytale version of Oz for too long. If banks still think that bowls of lollipops are any way to gain the loyalty of consumers, then they should stay in Munchkin Land. Banks with brains know that consumers want to bank smarter. The results of a ...

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