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by James Robert Lay on January 30, 2023
Brief Summary of Episode #267
The pandemic lit a fire under several banking segments as they pushed innovation to the forefront of their digital strategies.
Their banking apps are starting to change client expectations and how they think about finance.
But most large traditional banks, and a lot of credit unions, are lagging behind. Why?
Nick Belesis, VP of Growth at Fintech Insights by Scientia, believes they don’t understand how to meet their customers where they are.
“One of the major distinctions these incumbent banks have to make when looking at millennials and Gen Z is they are a lot more digitally savvy individuals,” Nick said.
The real problem is rooted in opportunity.
More financial opportunities are available to the average consumer than ever, and many want to get in on the action. They just don’t know how.
“Financial literacy is something that can be brought in by the incumbent banks because they’re the backbone,” Nick argued.
By giving their clients access to digital applications and subscription-based services built around mindfulness, financial institutions can guide the next generation in digital transformation.
Key Insights and Takeaways
- How subscription-based services can level up financial brands (10:25)
- Reducing friction points in digital banking and fintech partnerships (18:16)
- Why blockchain technology may be the future of digital finance (30:27)