A decade ago, when I began working in the fintech sector, I realized that there was a significant disconnect between the way people in the banking industry think about products and the way consumers use those products.
As an early project in my startup, I recruited people from Craigslist to come talk to me about money. I found consumers were generally clear about what they wanted, even if they didn’t refer to something by the same name that the industry does.
This disconnect still persists today. It continues to thwart many traditional banks in their efforts to relate to customers. It also hinders the ability of banks to compete with fintechs that are much better at rising to the challenge.
But the problem can be fixed.
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