PWC just posted an interesting research (PDF) showing how Fintech firms influence financial institution from the outside in. We especially liked these two graphs:
More virtual channels, simpler products
“Banks are moving towards non-physical channels by implementing operational solutions and developing new methods to reach, engage and retain customers.” says PWC. We couldn’t agree more: the time for digitization has come, in debt collection as much as in any other part of the business (read more about eDisputes). As a result, banks are listening: “As they pursue a renewed digital customer experience, many are engaging in FinTech to provide customer experiences on a par with large tech companies and innovative start-ups.”
Top Fintech opportunities: cost reduction and differentiation
“B2B FinTech companies create real opportunities for incumbents to improve their traditional offerings”, says PWC, “incumbents could simplify and rationalise their core processes, services and products, and consequently reduce inefficiencies in their operations.” We see that in the marketplace: technology and automation help us scale (read more about 30,000 cases per agent) but it also helps us provide personalized, tailored treatment to consumers. As a result, lenders that work with us see better results (through complex recovery strategies), better customer satisfaction, and increased compliance.
Bottom line
Banks are leaders of the Fintech community. Often they are reluctant to adopt a trend until it visibly gains traction, but once they do, their scale draws attention from all participants. It’s 2016, and banks have noticed Fintech and the upside it brings with it. It’s going to be a fascinating year!