Banking has been seen for too long as the underdog in the battle for online customers.
We have realised that some of banking’s core strengths — security, privacy and compliance — are not easily replicable and are increasingly significant, as we all learnt from Facebook’s tribulations. At the same time, we have learnt how to use technology to improve customer experience.
A new regulatory model is needed, one that understands the complexities of data and balances privacy, security and competition across sectors. As we develop one, the playing field between lenders that have adapted to digital on the one hand and tech and fintech companies on the other will become more level.
This natural evolution into a marketplace transforms a bank’s role into that of a trusted adviser. But it only works if we create tailored offerings with the best suitable products and services wherever they are available.