Simple isn't always the answer but it is usually the best place to start.
If you draw a Venn diagram using three circles:
Financial Services - Bank, investment, insurance, payment, tax, and lending products
Merchants - Goods and services
Consumers - Personal identifying information, contact methods, address, family members and structure, contacts, employment, and balance sheet
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Financial Services + Merchants - Financing
Financial Services + Consumers - Account opening, KYC, suitability, qualification, maintenance, and documentation
Merchants + Consumers - Logistics, payment type, relationship, billing, documentation, purchase venue, and warranty.
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Financial Services + Merchants + Consumers - So... what is in the center?
YOU are in the center, which extends your consumer circle. You are the only one with all the information in your head. You are the only one who knows when something changes (but you may not know if that change matters). You are the one who has to do something about anything that happens.
Today you can hire a dashboard to aggregate most of this information. But if you are like most people - literally if you consider the usage statistics for these kinds of platforms - these products will create more work for you and will likely relegate your accounts to registered but inactive (read: not valuable). This is one step away from the incumbent models.
On the other hand, my sense is that we are not ready to take three steps into the future, where everything is automated. In the same way that driverless cars may someday bask in the sun, fully automated consumer finance platforms may emerge. But, we are not ready for either yet.
So, I ask you what is two steps into the future?
My answer.
...
Coming soon!
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