In the ever-evolving landscape of technology, communication, and global accessibility, financial institutions must continually adapt to stay competitive and relevant. At Bloomberg MoneyConf 2018, Tom Stafford of DST Global and Nikolay Storonsky of Revolut joined forces to discuss the importance of digitized banking and how it can better serve the needs of over 1.5 billion global mobile customers. The talk was moderated by Oscar Williams-Grut, a journalist from Business Insider.
A New Era of Banking
Tom Stafford, the managing partner at DST Global, has made a name for himself in the fintech industry since opening his firm in 2016. Stafford has become a global leader in multiple fintech efforts, working diligently to reshape the way we interact with money. At MoneyConf 2018, Stafford and Storonsky engaged in a lively discussion about global banking, consumerism, and the convenience of accessible daily banking. They emphasized the need for financial institutions to stay competitive and relevant in today’s market by embracing technological advancements.
Rejecting Unbundling in Global Banking
During the conversation, Stafford rejected the notion of unbundling global banking. He argued that only certain types of transactions, such as large loans and insurance products, should be shifted away from banks. Instead, he emphasized the importance of building better and more accessible banking systems that cater to the needs of today’s tech-savvy consumers. Stafford shared his belief that financial institutions should focus on developing comprehensive, user-friendly platforms that deliver a wide range of services through a single seamless experience.
The Role of Technology and the Internet
Stafford and Storonsky highlighted the importance of technology and the internet as vehicles for change in the banking sector. Stafford noted that many traditional bankers have failed to innovate, leaving room for forward-thinking fintech companies to gain market share. He cited Storonsky’s Revolut as an example of a platform that offers accessible and better-designed financial services.
Revolut, a digital banking platform, is revolutionizing the way people interact with their finances by offering services such as multi-currency accounts, instant money transfers, and free foreign exchange transactions. The company’s success demonstrates the growing demand for innovative financial solutions that meet the needs of the modern consumer.
The Importance of Convenience in Digitized Banking
One key element that both entrepreneurs agreed upon is the importance of convenience in digitized banking. Stafford stated that consumers and businesses prefer to meet their daily banking needs by using a single app or service. They don’t want to juggle multiple applications. He also pointed out that customers desire quick, efficient service and personalized attention that doesn’t involve waiting a long time to speak with a representative.
In an era of on-demand services and instant gratification, financial institutions must prioritize convenience and accessibility to stay competitive. They need to develop platforms that allow users to access a wide range of services with minimal friction. Banks must also provide exceptional customer service that meets or exceeds expectations.
Stafford and Storonsky’s discussion on the future of banking and digitized financials revealed that convenience and accessibility are vital aspects that will continue to shape the industry. Stafford used the metaphor of a burger delivery to describe the level of simplicity and efficiency that customers desire: They want to press a button and have their needs met, only needing to interact when there’s an issue.
Tom Stafford and Nikolay Storonsky’s conversation at MoneyConf 2018 emphasized the importance of embracing technology, convenience, and accessibility in the banking sector. As the industry continues to evolve, it will be crucial for financial institutions to adapt to these changing expectations in order to thrive in the future.
By prioritizing the development of innovative, user-friendly platforms and focusing on delivering exceptional customer service, banks can position themselves for success in the digital age. The insights shared by Stafford and Storonsky serve as a valuable roadmap for financial institutions looking to navigate the challenges and opportunities presented by the ongoing digital transformation.
As more fintech startups like Revolut enter the market, traditional banks must take notice and adapt to remain relevant. By leveraging technology to streamline processes, enhance security, and improve the overall customer experience, banks can secure their place in the evolving financial landscape.
In addition to adopting new technologies, banks must invest in the development of their workforce, ensuring that employees are well-versed in the latest digital tools and practices. By fostering a culture of continuous learning and innovation, financial institutions can adapt to the rapidly changing industry and better serve their customers.
Another key takeaway from the conversation with Stafford and Storonsky is that it’s essential for banks to establish strong partnerships with fintech companies and other industry players. By collaborating with these innovative organizations, banks can access cutting-edge technologies and expertise that may not be available in-house. These partnerships could also help banks develop new products and services that cater to the unique needs and preferences of their customers.
Ultimately, the future of banking will be shaped by institutions that prioritize convenience, accessibility, and innovation. By embracing these principles, banks can ensure they remain at the forefront of the industry and continue to meet the evolving needs of their customers. As Tom Stafford and Nikolay Storonsky’s conversation at MoneyConf 2018 demonstrated, the journey toward a more convenient and accessible banking experience has already begun.