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by James Robert Lay on July 25, 2022
Brief Summary of Episode #213
Banking as a service has a massive opportunity for growth across the industry.
But many banks are paralyzed by the paradox of choice.
According to a recent Infosys Finacle report, 72 percent of financial institutions have bolstered their investments in omnichannel platforms.
With so many available avenues for change, how do banks and credit unions simplify it all?
“It goes back to starting with a true business strategy,” said John Dangoia, Vice President Head of Product Management US and Europe at Infosys Finacle.
John believes that a clear vision lays the foundation for successful transformation.
“It has to be more than just improving customer service or technology,” John told us. “It’s about how they can differentiate the market. Who are their target customers and target segments?”
FIs can identify those targets by engaging with their customers and generating a feedback loop.
Ultimately, the customer isn’t concerned with how the sausage is made. Rather, they want your service to bring them value.
“What they care about is a frictionless and easy and fast product that is easy to use and does what they need it to do,” John said.
By improving the customer experience, we can help them free them from the burden of financial stress.
Key Insights and Takeaways
- Current trends in regard to banking as a service (4:55)
- What is holding financial brands back from digital transformation (8:57)
- How financial leaders deal with exponential change (22:22)