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The Financial Service Model In Sicario And The Future

In Sicario, a 2015 film, Emily Blunt asks Benicio Del Torro for details on their shady FBI assignment. “You’re asking me how the watch is made. For now, just keep your eye on the time” he responds wittily. Too often when we are discussing or talking about disruption in the financial services space, I feel we are just doing that, watching the time. Discussing e.g. Fintech business models can be really insightful, but you can learn so much more if you would lift the bonnet to see how they make it work. Today when we are advising our financial service clients the latter question becomes burning. But what can financial service providers take away from this big pile of FinTechs? What elements do they need to change to maximize its long-term impact? Analysis learns that although Fintechs and incumbents share the same end destination, the journey differs. In this blog…show more content…
They, as all tech companies, always start from customer problem and build their value proposition around it. In other words, they optimize their product-market fit. Today, a lot of entrepreneurs are challenging the current financial services model by launching new products that have a higher fit with what the market wants today. Due to the volume of these Fintechs this offers a tremendous source of inspiration for today’s incumbent financial services. Moreover, focusing on the customer and how these value propositions serve them can be extremely valuable in shaping the bank’s future value proposition. Let’s consider the recent partnership between ING and Kabbage in Spain. Spanish SME’s clearly wanted a quicker and more transparent loan acquisition process. This was a customer pain already solved by Kabbage in the US. ING identified this and launched the partnership in

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