"Beware Fintech! It will disrupt marketing as much as banking."
Fintech is not about "financial services" nor about "technology". It's about instilling trust and changing customer behaviour.
We live in an ever-connected World. Old businesses are becoming new. As people embrace more digital lifestyles every industry, every business must become a digital business. Industries, and businesses must evolve to be relevant. Evolve to survive. It’s not simply digitising your existing business but reinventing your business with digital. We need to consider the role of digital in your own business.
We are entering a new age – “Living services”. As more things become connected, the living services will radically shape people’s lives and expectations. Banks and brands must deliver services that are contextually aware, learn about us, maintain relevance and meet our evolving needs.
The best book to read for understanding Fintech is Malcolm Gladwell's "The Tipping Point".
Essentially banking as well as marketing is “Connecting customers with opportunities’’. For banking it is about;
• Collaborating with industry and individuals to understand their needs and future states of business
• Providing the necessary capital to create commerce
Once again Banks must become a trusted member of the Community providing advice, insight and confidence.
Look to China for a vision of the future of banking, retail and marketing. Alibaba and Tencent are reinventing how chinese consumers connect, shop, pay and bank. They are fundamentally shaping a new path to purchase where they know you and what you want even before you know yourself.