- Leverage customer behavioral data
Understanding banking customers and their behaviors will help bank management teams create and deliver the products customers want and expect. Cognitive intelligence and artificial intelligence are tools teams can use to leverage the vast amount of data banks traditionally carry in silos.
- Expand to a platform business model to reach more banking customers
By taking advantage of the network effects of a platform business model, banks can more easily expand their product base and reach more customers.
- Engage in co-opetition with fintechs
“You could define co-opetition as a shift from a model of exclusivity to one of inclusivity,’’ says David Pessah, a director at KPMG’s Innovation Lab, specializing in financial services. “And, that’s not only as it relates to products and services. It’s also about a bank’s ability to work with other participants in the banking ecosystem. It’s all about how interconnected the bank can become, and how it can personalize the banking experience.’’
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