{"id":426,"date":"2018-09-11T19:58:31","date_gmt":"2018-09-11T17:58:31","guid":{"rendered":"http:\/\/www.jongore.com\/blog\/?p=426"},"modified":"2018-09-11T19:58:46","modified_gmt":"2018-09-11T17:58:46","slug":"how-do-banks-get-into-fintech","status":"publish","type":"post","link":"https:\/\/www.jongore.com\/blog\/fintech\/how-do-banks-get-into-fintech\/","title":{"rendered":"How Do Banks Get Into Fintech?"},"content":{"rendered":"

Where are the banks in fintech?\u00a0 I came across an article by McKinsey<\/a> today which outlines how a bank can move towards digitizing lending. Lending is a cornerstone of banking, and it forms one of the more important parts of a relationship with customers.\u00a0 I think a great lending experience is so important for a bank’s success.\u00a0 And what is great right now is digital.\u00a0 The main reason is that digital is faster.\u00a0 Banks can lower their costs, improve conversions, and generate more leads by going digital, but what matters to the customer is that they can get an answer faster.\u00a0 Everything in banking right now is moving towards better and faster closure.\u00a0 Lending is at the forefront of this, but its difficult for banks. In my previous life as a consultant, I designed and implemented automation procedures for a few banks.\u00a0 Most bank employees do genuinely care about speeding up their decision for customers. There’s always initial excitement, but sustaining that and following through is where we usually experienced the most difficulty.\u00a0 \u00a0Below is McKinsey’s advice for banks, and it\u00a0generally follows our approach with the exception of adding agile at the end, which I think is just a way for McKinsey to charge more.\u00a0 You don’t need agile to transform your bank, you just need the right people.<\/p>\n