While the growth of fintechs is nothing new, the grace period for traditional financial institutions to respond to their prowess is coming to an end. Inaction at this point could cost your financial institution its reputation, and its future. Instead of viewing fintechs solely as a threat, forward-looking financial institutions have accepted the fact that fintechs rose from an unmet consumer need, and are carving out their own place to more directly address that need.
Financial institutions have a choice to make. Will they let fear of the unknown win, and throw in the towel? Will they let the industry evolve around them, stay the course and hope for the best? Or, will they embrace change, find opportunity in evolution and gain momentum towards a new and better future? The choice is yours - but it should be an easy one to make: most, if not all, of the financial institutions that are thriving today have firmly aligned their strategy and resources behind careful and considerate evolution to stay true to their brand, while meeting the needs of today’s consumers.