The Impact of Technology on Financial Services

A few weeks back we listed four reasons why banks need to change their marketing strategy. In its core those reasons all come down to one problem: Technology makes the physical experience of personal banking redundant, and banks are stripped down to the mere essentials. Unfortunately for the banks, a lot of startups have appeared that offer financial services far superior to what banks offer these days. Market research powerhouse Nielsen has posted an interesting video interview with Alok Gupta, a principal at The Cambridge Group, on the challenges financial institutions face in the current transitional phase from human interaction to remote access.

Watch the video to find out how banks can counter the danger of becoming a utility and regain the now lost customer relationship!

Cover photo: MOZ278/Flickr CC