TechBytes with Suman Mahalanabis, Director of Product Management at TCS Digital Software & Solutions Group
Summary
Expect impending Big Tech rivals like Amazon, Google and Facebook to be even more disruptive than FinTechs because of their deeper and expansive customer reach and engagement. In traditional marketing, the moment of truth used to be that specific point in time when a customer interaction with a bank formed an impression that solidified their decision to win their business. Today there are countless moments of truth because the ways consumers interact with banks – online, apps, chatbots, by phone, ATMs and of course at branches – has multiplied. So instead of just selling them a mortgage, by leveraging their knowledge of local ecosystem players like real estate agents, moving companies and landscaping services, a bank could provide a complete home buying experience. Small and mid-size banks should also look at fintech partnerships not just from a channel perspective but as a chance to convert low cost digital accounts to high value relationships through targeted financial advisories, data-driven campaigns and a very tight fulfillment process.