Who will own the customers, Banks or FinTechs?
Who will own the Customer, and will have the upper hand with #FinTech changing the face and the way Financial Services will be delivered?
Why is this question relevant?
Because FinTech companies are essentially an aggregator or a platform which just take a pipe from one or more institution to deliver #financial services. All the customers are on-boarded on both the platforms, but its the FinTech company which serves these customers.
What if suddenly the FinTech company decides to cut the pipe of one of the financial services providers to them, due to pricing or any other issue? Will big banks/Financial service provider reduce their price or negotiate?
Have FinTech companies achieved the stature to negotiate and flex their muscles with biggies and #incumbents?
Will FinTech grow so big in future that banks and other Financial Services Providers will just become a #warehouse of their own services?
My advice to incumbents will be not to copy/buy the FinTech product/company but adopt their thought and nimbleness..
What do you think? Please share your thoughts…