Technology and Banking: Parting Thoughts From Finovate Spring 2017
Heading home from Finovate Spring 2017, I can only say that the banking industry has a bright future in regards to technology and the impact it can have on their customers going forward. I want to take the opportunity of an airport layover to share a few ideas that I think that are worth considering regarding technology and banking today and into the future.
If You Don’t Know the Tech, It’s Time to Brush Up.
Blockchain, machine learning, etc. are not just cool words to throw around during an IT discussion, but they need to also be part of your IT strategy. There is so much tech out there that those institutions with employees who understand how to incorporate it will have an advantage, as tech will have a play in your strategies, even if you have not figured that out yet.
I can imagine the first banker who said “Hey, this car phone thing could really impact how we do business”, as he was building his biceps having to lift a 3-pound, brick phone. Mobile is now a part of any banking ecosystem. You need to know what your future ecosystem will look like and be ready to thrive in it.
Social Media Is More Powerful Than You Realize.
You may have a wonderful ad with great messaging, but if the 19-year-old who is an influential hub in a social network does not like it, you may have future adoption issues. A common theme at Finovate was how millennials in particular have such a huge impact on each other’s decisions in terms of banking services, investments, etc. Understand how you can tap into the millennial market, and most importantly, how you can connect with its influencers to gain a compounding return of future customers.
Surround Yourself With Those You Trust and Can Learn From.
Everyone should try to do a Finovate knock off (sorry Finovate, if that makes your brand less valuable)—regional banks should be hosting Finovate-like events. This would give them the chance to see what is out there, who is leading, and who they can look to for the next change in banking. By doing this, the fintech and banking markets could benefit, and in turn, the number of customers would grow as well. A panelist at Finovate, Oded Shoshany, stated it well when he said, ”What consumers see Apple and Amazon doing, they expect to be able to do with their bank the next day”. If you are not creating these kinds of communities, then how can you create those kinds of tomorrows?
So just a few notes to consider showing that technology and banking go hand-in-hand–hope that they are helpful. You can follow my Twitter account at @mikehorrocks to see some of my other comments while at Finovate Spring 2017. Cannot wait for the next Finovate.
Posted on Friday, April 28, 2017 at 8:00 AM
by Mike Horrocks