Banks Needs to Embrace, Not Ignore Fintech Disruption

Unless banks shift their focus to innovation soon, they will end up like the cable companies who lost their next generation of customers to streaming services, Tanya Van Court, CEO and founder of Goalsetter said during her keynote at Money Experience Summit 2022.    

“(Fintechs) are fundamentally changing the face of the banking industry as we know it and it will be changed forever, just like the cable industry has been changed forever…,” Tanya said. 

To stay relevant now and in the future, key players in today’s banking industry need to think differently. There are valuable lessons to be learned from the cable industry on what not to do. 

Don’t ignore the disruption — embrace it, Tanya advises. During the TV streaming service shake-up, cable providers only looked at analytics and data that served the old way of thinking. They made decisions in a vacuum and ignored a huge data point: the next generation filled with individuals who never became customers. 

Banks today need to recognize that the rising generation can make or break the future of financial institutions. It’s important to focus on the needs of your future customers, Tanya advised. 

Watch Tanya’s entire presentation here: The Future of Banking: Lessons from the Cable Industry