Panelists: Vince Hruska, SVP of Product Strategies — City National Bank; Mike Sha, CEO - SigFig; Krishna Esteva, Head of Banking Vertical—NerdWallet
Banking Growth Forum 2016, San Francisco, CA
Is it really possible to develop loyalty and deep relationships with a financial institution if you remove the people? How does the value of relationship and advice change when there is an iPad screen instead of a seasoned banker on the other end?
This unique panel discussion provides juxatposes two very different views on the future of the consumer relationship – traditional banks, that believe in relationship depth and the development of long-term trust vs. the new regime, which focuses on product and technology-based approaches to loyalty.
In this environment of unprecedented choice ever decreasing friction, for existing financial institutions, simply being an all-in-one stop is no longer sufficient. Financial institutions must focus on making their existing products work better together to deliver a superior customer experience.
Despite all this, incumbents still have tremendous built-in advantages that will allow them to weather the new entrant's efforts to encroach. Greater and faster adaption of new technologies utilized by new entrants will enable them restore their lead.