The rise of the Fintech ecosystem is easily the most disruptive and empowering force in the market today. New technologies are resetting consumer expectations and changing the way people manage and move money.
To understand and harness the power of Fintechs, financial institutions must think differently about their strategies and investments. Every day I talk to financial providers who are concerned about Fintech challenges. According to CB Insights, more than 80 percent of bankers say their business model is either threatened or being changed by Fintechs.
So how can financial services providers respond? By fighting fire with fire – or digital with digital.
By embracing digital tools and focusing on the customer journey, you can remove friction from the experience and keep your customers and their deposits where they belong. But don't just think of Fintech providers as just competition. They are also partners that can fill gaps to improve consumer financial health in areas like budgeting, building credit and lending.
To help you compete and deliver these experiences to your customers quickly and securely, Fiserv is continuously investing in R&D for new Fintech solutions and enriching our existing platforms. That includes open APIs that help you get to market faster.
People still overwhelmingly trust financial institutions as their primary financial providers. Digital experiences are essential to extending that digital edge in the future.