Points of View

Traditional banks: risk losing your customers if you can’t offer them better access

Mar 20, 2019 Sam Duncan

High street banks, you have a problem! Customers are demanding new ways to access and interact with their finances – if they don’t get it from you, they will from someone else. In fact, 59% of banking customers report they are willing to try a platform that gathers banking products and other services to save money and simplify financial transactions. Even though the fintech onslaught seems to be abating, the emergence of open banking, which forces banks to share customer’s data, such as spending habits, with third parties who have been granted permission, means there is still a new breed, like Meet Cleo and Moneybox, settling into the market and offering banking consumers better access and control over their finances.

 

Banks can no longer be complacent; they must emulate these firms and drive a greater customer experience in the process, or risk losing out to these upstart competitors.

 

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