Journey Orchestration Against FinTech Challengers
FinTech challenger banks becoming consumers primary financial institutions
A 2020 study by Cornerstone Advisors and Strategycorps recorded a seven percent (7%) increase in the number of consumers identifying FinTech challenger banks as their primary financial institutions. These gains were offset in decreases in the number of consumers identifying mega banks and credit unions as playing that role in their lives.
Forward-thinking leaders at community banks and credit unions are aware of the threat that these FinTechs, along with BigTech, represent. Yet many face systemic obstacles within their organizations that – if left as is – will threaten their relevance to clients in the very near term. These leaders are now stepping back and rethinking how they understand their competitive environments.
Those who want to see their institutions successfully compete to attract and retain clients are taking a page out of the playbook e-tailers have used to create digital experiences that are now the benchmark for what is acceptable to consumers.
This is where a journey orchestration platform can play a key role.
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