Fintechs , he explains , have become part of that ecosystem , and they are becoming more global . Indeed , banks can learn from the fintechs in terms of how they ' ve captured the consumer and captured the customer ' s expectations .
However , Wilson is also quick to point out that it ’ s not a one-way street . “ I think there are also some things that the fintechs can learn from the banks in terms of that journey from popularity to profitability . And I think the banks have very much been on that journey and as they become more global , we see convergence in terms of the fintechs gaining scale . But I think the banks need to learn to be more agile and more customer-centric and probably more innovative too .”
Expectations are evolving and will continue to play a dominant role in the direction and core principles of companies . Since COVID-19 , the drive has been exacerbated , and customers demand products and services that deliver instantaneous results in a cost-effective manner .
“ In many respects , that ' s a new norm ,” says Wilson . “ I think for the financial services industry and for the banks , changing consumer and customer expectations is a feature of the environment that we ' re all operating within . We ' ve also seen some of the fintechs grow from , what I would describe as popularity , with a kind of a niche product or a monoline product , which challenges the status quo , which meets some of that particular customer expectations .”
The company culture Much of this willingness to learn from each other comes down to each company ’ s culture because if neither entity believes they can learn from each other , the partnership won ’ t reap success . “ Risk and control are important ,” says Wilson , “ because in financial services , we always need to maintain that kind of regulatory governance .”
He continues , “ being responsive and increasing the speed to market is also key . And again , I think the talent that we have within the financial services industry is incredibly important . We ' re certainly seeing the war for talent across financial services and across the industry , because there ' s a very strong recognition that we don ' t just have to change in the context of our products and services , we also have to change in the context of our culture and the talent that enables that .”
He explains that traditionally , the banking industry has been quite conservative , and the talent pool invested and focused on has
202 February 2022