Jan. 22, 2019
Incumbent banks can challenge new fintech challengers by taking a greenfield approach to business and basically start from a blank slate, according to the annual State of Financial Services report released at the World Economic Forum by management consulting firm Oliver Wyman.
The report, called The Time to Start Again, argues that incumbent banks can successfully compete against digital disruption by breaking free from legacy systems and business models.
"For an industry whose product — the movement and storage of money — is electronic, the processes are still far too manually intensive," said Ted Moynihan, managing partner and global head, financial services at Oliver Moynihan.
The report pointed out recent examples, including Bo, the digital banking service from RBS Group, QuickBiz, the digital unsecured lending business from National Australia Bank and Marcus, the digital banking service from Goldman Sachs.
Topics: Consultants, Mobile Banking, Mobile Payments, Region: EMEA, Trends / Statistics
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