The term “fin-tech executive” has been coined to describe the type of leader required to drive customer-focused change in financial institutions from banks and insurance companies, to wealth managers. But the answer is not necessarily to recruit technocrats into top roles, or rush to create a panoply of new products from online services to mobile apps. Nor is it a strategy to try and cross-sell as many products and services to clients in the hope of retaining them.
As industry observer and billion-dollar hedge fund Co-Chief Investment Officer Christopher Joye told us: “Many clients are currently immobile, not loyal, and will have no compunction departing… once low-cost switching is enabled by online product processing, real-time payments between banks and government-mandated data sharing.”
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