Amid Fintech Disruption, Conventional Banks Turn to Service as a Differentiator
Everyone loves an underdog story — but in banking, entrenched players might wish that the upstarts weren't quite so compelling. Over the last decade, the emergence of digitally-empowered fintechs has left conventional banks scrambling to define their competitive advantage and meet their consumers where they are.
But banks already have an advantage over digital upstarts: empathetic service. This white paper will consider the state of the market and argue that if conventional banks can differentiate themselves through superior experiences, they can attract consumers who prefer personalized support — and even challenge fintechs on convenience.
The paper will further examine:
- How fintechs have shaped consumer expectations in financial services
- Why service poses a differentiation opportunity for conventional institutions
- The hurdles banks will need to surmount if they plan to deliver exceptional — and exceptionally convenient — experiences