Alpesh Doshi, co-founder and managing director of UK-based Fintricity, a company that specialises in digital transformation, says it is not enough for banks to introduce new digital channels.
“With banks, it isn’t just about creating a website or a mobile app, it’s thinking about how their business will be transformed and how will banking become more efficient with digital; not just ‘let’s create a mobile app to do banking’,” he says.
“Data analytics [help banks] understand customers better. It’s about banks saying ‘how are we going to use this stuff to really understand customers better’ and not just fire products and services at them.”