Shaping the new FinTech frontier
Advertising Content from CitiThanks to the emerging hybrid industry of FinTech — which blends startup agility with the robust resources of traditional banking institutions — the future of personal finance is not only high-tech, but also highly collaborative and customizable.At Citi, leaders on the front lines of FinTech are embracing a new mindset and start-up approach to banking innovation to develop new products that not only remove friction, but also enhance customers’ financial wellnessWe asked three leaders in Citi FinTech—a unit in Citi’s Global Consumer Bank charged with accelerating the design and build of new products to address industry disruption and evolving client needs—about emerging trends they’re seeing and how Citi can address them and enhance customers’ lives. Read more…More about Banking, Fintech, Citi, Banking Apps, and Citi Fintech
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Financial Services is moving from product to platform
We’re seeing a fundamental change in how customers interact with brands, products, and services, and that shift will undoubtedly affect the future of banking. Citi FinTech CEO Yolande Piazza is an advocate of placing customers’ unmet needs at the core of product development, which is why Citi FinTech interviewed over 25,000 customers on behalf of the Global Consumer Bank in 2017.
“Instead of thinking about how our customers’ needs can be addressed by our current products, we need to more importantly understand our customers’ current behaviors, anticipate their needs before they do, and provide personalized value and education seamlessly on the digital platforms where they already spend much of their time today,” explains Piazza.
“Product” companies traditionally adopt a narrow approach to delivering solutions for their customers, pumping out products and services to specific demands in a niche sector or industry. Many companies do this well and there are of course benefits to specialization. But we’re seeing a shift across industries to a new approach, and many new market entrants could be more accurately described as platform companies.
“Platform” companies, such as ride-share or home-share companies, instead take a holistic approach to solving customer pain points and are transforming entire industries through solutions that function in a network, versus simply releasing standalone solutions one at a time.