The transformation of the financial sector through the Fintech

The current banking sector has been experiencing during this 2018 an integral transformation of its business model. The approval of new European directives such as PSD2, which enables payments with greater security and fosters the emergence of new financial service providers, has ended up configuring an open banking system, where traditional banking companies coexist with Fintech and Bigtech.

In this environment of greater competition in which the transformation of the financial sector takes place, it is crucial to provide new ways of interacting with customers, a new offer adapted to their real needs and, in general, new ways of working and a disruptive attitude to what is expected to threaten the sector.

In this transformation of the financial sector the client is at the center of the banking ecosystem, having at hand greater decision-making power and greater options for managing their finances.

At this point we may ask yourselves a question… How can we turn a threat into an opportunity for the traditional banking sector? Many experts say that these new directives are an opportunity for the bank to redefine the role it wants to assume in the future, take advantage of it and enhance the availability of having more information of its customers to improve their relationship with them.

And this is the real challenge which the financial sector faces: what new services and products can be designed and offered to customers to meet their needs, in exchange for them providing their banking information creating a positive spiral of information – value added.

The answer to all this lies in understanding the client’s needs under a person-centered approach, generating and co-creating new value services with them.