4 crucial steps to transform banking products for a fintech world
Banking products are complex, undifferentiated and priced in a way that only an accountant would love. The race is on to create products that stand out from both traditional and fintech competitors. One must-have: a strong value proposition.
What have Google and Amazon taught all of us? Simple is better. You can get information, answers, and product options by typing one word into your browser. Make one click and have a package of goodies delivered to your doorstep tomorrow.
With financial institutions the product experience is the opposite of this — there are many complex options, difficult-to-understand pricing and rewards hurdles, and multiple-click applications. With the war for deposits and for new customers intensifying, financial institutions everywhere need to re-examine their product lines for both consumers and businesses.
Four principles rise above other considerations to help banks and credit unions successfully transform their product lines to support superior new customer and new member acquisition, deposit and loan growth.
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