How can banks better engage with customers in the fintech era?

Banks are constantly challenged in the fintech era, not with loosing accounts, but with maintaining day-to-day financial engagement. Consumers continue to diversify away from bank offerings to multiple fintech platforms, mainly for P2P payments and digital wallets. Bank’s share of the financial relationship with fintechs is shrinking. Speed, flexibility, and control are the main items that customers are looking for. Payments are the front door for customer engagement. Right now, Venmo and Cash App are winning the race, but banks have options such as Zelle. Bank’s can retain financial engagement with their customers, but it will require them to make changes and adapt current offerings. This episode reviewed a research report from S&P Global (subscription required) titled “Community banks in the fintech era: Competing for customer engagement.”