Lessons From Finovate - Day One
Today and tomorrow, I get the opportunity to represent Baker Hill at Finovate, the leading financial industry and technology showcase. It is amazing to see so much leading edge technology in one location (San Jose, CA) and to see all the different sides of fintech.
A few key things that I am taking away from Day One of FinovateSpring 2017 that I want to share with you are:
Aggregate, Aggregate, Aggregate:
The most impressive solutions are taking advantage of the power of aggregation. They are bundling very synergistic functions or they are looking to take partnerships to the next level. If your solution providers are not bringing aggregation or partnerships that are adding value like Baker Hill brings with aggregation of credit, core data and documentation solutions, then you need to be looking at how you can take advantage of potential efficiencies.
Mobile Coverage Is Everywhere:
Just like a Verizon coverage map, mobile is nearly everywhere. If you are not adopting a mobile approach to your lending and risk management processes, then you are missing the calls from future opportunities. Additionally, it is critical that you ensure security, eliminate any friction in process, and that you operate on the consumer’s terms (for example, did you know that the average response time to a mobile e-mail is at least 7 times greater than the response time from messaging…and if the potential customer doesn’t respond within 4 hours the likelihood that you will never get a response increases). So go mobile and grow.
There Are No Limits (So Don’t Place Any On Your Customers):
If I told you a couple of years ago (or even today) that a messaging solution could manage content that is several gigs larger in size (not that you would most likely do that) or set up robo-advisors that would be monitoring your stock portfolio with simple language text messaging, you may have said/say that is crazy. But crazy may be the new normal, because there are no longer limits anywhere in banking, so do not place any on your clients.
Fintech is changing the way we bank, and interact, and it is so cool - and it is not even lunch time here in San Jose. Keep following our blog for more updates from FinovateSpring 2017, or follow me on Twitter at @mikehorrocks.
Posted on Wednesday, April 26, 2017 at 8:15 AM
by Mike Horrocks