Fintech Insider Podcast by 11:FS
792. Insights: Putting services back into financial services
Podcast summary created with Snipd AI
Quick takeaways
- The financial services industry needs to prioritize customer services over products and data to improve the overall customer experience.
- Banks should adopt a more modular approach, focusing on core capabilities while allowing for different products and services to be built on top, in order to drive innovation and agility.
Deep dives
The Importance of Bringing Services Back into Financial Services
In this podcast episode, the hosts discuss the need to prioritize services in the financial services industry. They highlight how many companies are focused on products, customer numbers, and data instead of focusing on the customers themselves and how best to serve them. The hosts argue that the industry has become digitized, but the investment in digital has been more about removing people and premises from the equation rather than improving the overall customer experience. They emphasize the importance of people and the human touch in making financial services successful, as the industry can be complex and difficult for customers to engage with. The hosts also mention the challenges faced by large, risk-averse organizations when it comes to transforming their operating models and how smaller banks may have more flexibility in adopting new approaches. Overall, the episode encourages organizations to rethink their strategies and put more emphasis on delivering quality services to their customers.
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