June 11, 2017
The story of FinTech surrounds the predicament in which today’s banks find themselves, acutely felt by regional and community banks. Many discussions on the topic will include a lengthy back-and-forth on whether or not banks have forgotten what business they are in. I know this bends towards the philosophical but it’s an important question to ask yourself (and answer!). Why? Well, it’s the driver of what products and services you offer, how you communicate with your customers, and how you survive as a business. Two articles this week helped crystallize the point. What business do you think banks are in?