White Paper
5 things traditional banks must do to combat non-traditional competitors
October 25, 2019
As the adoption of technology has skyrocketed over the last decade, fintechs have been stealing the spotlight. A shift in consumer behavior has left traditional FIs playing catch-up, while taking cues and drawing inspiration from neobanks — e.g., firms that typically offer digital or mobile-only financial services.
Fintechs have a reputation for superior customer service, user experience, transparency and communication — all high-priority qualities that consumers are looking for.
Yet, while fintechs have introduced new innovations to a staid industry, traditional FIs possess great assets that could allow them to surpass the success of fintechs. Here are five key areas FIs should focus on.
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