- How should banks and fintech prioritise innovation, remixing technology to build their brand?
- What are the benefits of niche banking and repackaging or rewrapping?
- How will the potential of AI be used by banks in 2024?
From the potential of AI to the rapidly evolving demands of both commercial and banking customers, banks and fintech need to shift gears internally to ‘remix’ their existing offerings, optimise their technology, build compelling new customer experiences, and support them with compelling brands and data driven marketing.
Bolting the good elements of different solutions and technologies together, financial institutions, and fintech can create a better customer experience without starting from scratch, speeding up and reducing the cost of the innovation cycle.
If the new experiences are built on a modern core banking system and clear branding is supported by smart marketing, this will result in deeper engagement from customers, higher consumptions of fintech services and ultimately, will be profitable for the bank and fintech alike.
Innovation can be delivered through niche banking – a concept that has grown in prominence more so in the US, rather than in Europe. As long as a traditional lender has a good product to offer, what niche banking allows is for it to be repackaged under a new wrapper for it to be relevant to an entirely new market.
Remixing traditional banking services and products with a new wrapper opens the opportunity for new businesses and brands to be created and new audiences to be targeted.
Add to that, the seemingly infinite potential of AI and 2024 will undoubtedly accelerate the ability to remix more, think and execute with agility on many fronts from how customer service is delivered to how data is used in real time, and how marketing can be more efficient and effective.
There are many ways to approach innovation. The quickest and most cost effective is to start with what you have and consider all the different way that it can be reused, reshaped, positioned, and creatively marketed to offer new and exponential value to the market.
Sign up for this Finextra webinar, hosted in association with Metia, to join our panel of industry experts who will discuss how banks and fintech firms can remix technology to build their brand.