At Finovate 2017 in London last week, I was struck firstly by the intensity of this pace – the leaps that tech has taken over the past year, but also, and more importantly, by the spirit of partnership.
No longer are we in a world where competition is about being the fastest or the smartest, we are living in a world where winning is about bundling those that are faster and smarter than you into meaningful solutions for the business you are in, and the clients that you serve.
In banking it’s too late for us to say “let’s build our own” or “let’s throw money at disruption”; we need to get our heads around connecting fintech dots to build the best solutions for our clients. In biometrics and authentication, the solutions are overwhelming, similarly in app design and integration. Banking is less and less about paper trails and complicated products and more about integrating whole life solutions with ease of use and integrated platforms. It’s not at all about selling products and more about connecting the right client to the appropriate product they need for the time of their life that they are in – most often aided by a funkily named chatbot. The world of social media and banking have converged already (yup ship sailed), payments is fast becoming something everyone does …everyone! We can already buy packaged analytics and information about pretty much anything we need.
Banking has morphed from functional practicality to gorgeous design, insightful user experience and lifestyle products that adjust to the needs of its customers. Tricky thing is that much of that “banking” isn’t coming from banks! So what on earth should banks be doing?
Concentrating? Yes. Trying to keep up? No. Collaborating? Absolutely!
Finovate entrepreneurs brought solutions to banking problems we never even knew existed. They challenged views of what banks do and encouraged us all to ask “how can we help you help us help our clients?” More importantly though, they showed what collaboration brings. Over and over as the 7 minute spots passed by, it was clear that these entrepeneurs are building on what each other are building. Each using bits of what others had built, to supersize the solutions they were prototyping.
And that is the way to stay in the race! So as we train for the year ahead, we need to make sure we have the insight to navigate the way forward, the partnerships with fintechs to supersize our banking offerings and the deep relationships with clients to package this stream of incredible ideas in ways that makes them not only satisfied but thrilled with the way they interact with our ecosystem.
by Liesl Bebb Mckay