With rates very close to zero and even negative, we could say that for many years money has been “free” . Banks have long operated without one of their main sources of revenue and as a result have had to shift their focus iceland whatsapp resource from the totality of their customers’ financial needs to isolated products, which have continued to generate fees. This shift in focus, in turn, has reinforced product silos within most banks. To build their personal financial journey, consumers have found themselves having to expand their portfolio of service providers, using a mix-and-match of the best products from the various silos.
4 trends for the banking sector
At the same time, the fintech universe has exploded . A multitude of newcomers, basing their business proposition on the possibilities offered by digital technologies, have burst into the sector, flooding it with low-cost capital and prioritizing the scalability of their operations over financial returns. Ignoring consolidated business models, fintechs have targeted only particular segments of the value chain, ending up strongly influencing the design of the customer experience.