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Big banks battle startups with new apps and services

Jacqueline Emigh | Jan. 4, 2016
While plenty of new financial tech companies are capturing the hearts – and mobile devices – of customers, established financial firms are fighting back.

Noels says that NG is currently working on a project to put together customer profiles which are consistent across all channels, such as mobile, email, Web, video messaging, branch offices and call centers.

For its part, Salesforce.com claims to be working with financial customers that include Citi, Bank of America and Fidelity Investments, to name a few, as well as with disruptors like the Lending Club, Personal Finance and, on the insurance side, Friendsurance.

While some of the established firms will fall, so will many of the startups, according to Ensor. “It is not the case that all startups are winning and all established firms are losing. Many FinTech startups will fail, but we believe a minority will succeed. Some established firms, particularly weaker ones not focused on customers, will be pushed to the wall over the next decade because they will lose customers to new businesses and stronger customer-obsessed competitors that learn from (or acquire) successful new businesses,” the Forrester analyst says.

 

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