May 16, 2017
Financial institutions for long have been riding on their strengths such as infrastructure, trust, and vast customer base. For decades, they dictated the terms and shaped the financial lives of billions of people across the globe. However, over the years, they have always had a big monkey on their back in terms of customer experience and ease of use. The rise of FinTech over the last decade has exposed this crack and posed a threat to their dominance by bringing forward the notion of anti-incumbency among the new generation of customers. Customer experience is such an important aspect in the mobile first world.
In this day and age, the fight for front-end and wallet share is very real and thus makes it imperative for incumbents such as banks and financial institutions to be responsive to the changing customer needs and technology-driven innovation, in order to be able to survive.
Now that we have established the problem stateme ...