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New Players need to Improve Service Levels to win against Incumbents

This is not an opinion; this is actual data and actual insights. We looked at more than 300,000 rows of data of consumer complaints over last three years (Raw Data: Consumer Financial Protection Bureau). When it comes to financial services, hard factual data is sometimes contrary to popular beliefs. Empirical Praxis is important to take decisions. Tech press has written much about cool startups, disruptive apps and how large banks are left behind. It has also been written that how consumers love new payment methods while they despise old banks. While it is true that financial services sector is looking for a major reform, it is still debatable who is going to deliver it? The transformation has to be holistic in nature that brings improvement in service levels, reduction in consumer complaints, easy of use, simplicity and other value enhancements.

While a lot has been said and opinions have been made and written, we tho ...

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