Banks & credit unions can turn tech enemies into allies by joining forces
Countless fintechs have already muscled their way into the banking industry. Tech giants like Amazon, Apple and Google might jump into the fray next. Rather than view all these competitors as arch enemies, traditional banks and credit unions should should seek mutually beneficial alliances with them. Collaboration between players in the banking ecosystem will serve everyone better than a cutthroat death match. Here’s how financial institutions, fintechs and tech giants can work together to deliver top-notch user experiences that consumers demand.
In a dog-eat-dog world, everyone is out for themselves. Community banks, credit unions and fintechs all seem to be fighting against megabanks dominance. But what if there was another way?
Tech giants like Facebook, Amazon and Google have transformed the way companies interact with consumers, providing superior user experiences with hyper-personalized engagements. For instance, an Adobe survey found that 67% of respondents said it’s important for brands to automatically adjust content based on their current context — and when they don’t, 42% said they grow annoyed when their content isn’t personalized. And yet, most financial institutions are behind the curve on delivering anything approximates the level personalization that tech giants provide.
Traditional banking institutions, tech giants, and fintechs should collaborate to meet this demand. Financial institutions bring experience, customer base and trust. Tech giants have the customer experience and resources. Fintechs tie both ends of the spectrum together.
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