Are Banks Losing Their Edge to Superior Managers of Customer information?

by Mercator Advisory Group 0

This is a concise, thought-provoking challenge by British financial technology writer Chris Skinner, questioning whether the data management skills of new technology providers are a threat to the relationship between a bank and its customers.

According to Skinner:

“The reason we should worry about Amazon, Google, Facebook, Apple and others is because they all know how to use information as capital. They are all now pointing their information leadership at money and, bearing in mind that banking is just data as Walter Wriston pointed out back in the 1970s, we should be concerned…”

Banks in general focus on the bank down the street as the important competitor. While measures such as total deposits, total accounts, and loan balances outstanding might be common measures of who is winning “the banking battle,” Skinner suggests that others are far more capable of winning the battle for the customer, and this bodes ill for banks. This article should generate important and probing conversations among all those bankers who bear responsibility for customer relationship management, customer experience, and customer data.

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