According to the Global FinTech Adoption Index 2019 by EY, one in eight people said that the core reason for using FinTech challengers was that those brands focused on customer centric factors such as better experience, better product features and quality of service.
Following the report, Bruc Bond, a leading business banking firm, has said that the banking industry must embrace customer-centric banking practices to stay relevant in 2020.
Today, consumers expect more from banks, demanding convenience, personalised experience and quality products and services. To stay relevant and successfully compete in a thriving market, banking service providers must deliver on these expectations.
The Monetary Authority of Singapore (MAS) has received 21 applications for digital bank licenses. Tarini Ponniah, Chief Compliance Officer for Bruc Bond Singapore, says that she’s glad to see the city state join the likes of the United Kingdom in embracing customer centric digital banking. Coordination and cooperation between the MAS and regulators in other fintech- and digital banking-focused jurisdictions, like Poland, Lithuania, Japan and Australia, would hasten the widespread adoption of digital banking worldwide.
“The UK has become a competitive hotbed for digital banks, with several eyeing penetrating markets very far from home. Their success has been nothing if not extraordinary, with so-called challenger banks now amassing millions of customers in Europe and worldwide and expecting to treble their customers bases in 2020,” says Konstantin Bodragin, Digital Marketing Officer and Bruc Bond’s Business Analyst.