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by James Robert Lay on May 11, 2022
Brief Summary of Episode #192
Fintech customers are overwhelmed.
Poor experiences on digital platforms leave them feeling frustrated and stressed.
Many financial institutions saw the rise of digital simply as a means of cutting costs.
But they’ve missed a golden opportunity - using digital services to enhance the customer service experience.
David Brear, founder and CEO of 11:FS, believes that FIs have embraced only 1% of their digital potential.
He believes these companies have forced customers to fend for themselves through self-service applications.
In this episode, Dave tells me why companies have confused ‘digitizing’ their services with embracing the digital mindset as an operating model.
The difference is profound and an important distinction - just because your service is digital doesn’t mean you’ve actually turned the corner on making your financial brand digital.
It’s much more than that.
He also shares his thoughts on potential roadblocks to innovation.
Despite the barriers, Dave is excited about the future of digital growth in the financial industry.
Financial services have so much experience and wisdom to offer their consumers.
It’s high-time they use that expertise to guide everyone through digital transformation.
Key Insights and Takeaways
- How the melding of ‘digital’ versus ‘digitized’ has compounded the 1% problem
- Roadblocks to innovation, including culture and misalignment of purpose
- The relationship between personal and professional failure