We invited our clients to exchange with one of our experts in Fin-Tech, Dion Lisle, a leading figure in Silicon Valley working with our San-Francisco office, to discuss the topic of the “Legacy Banks and Innovation”. We have now reconciled what had been said during the event in order to provide insights on the relationship between legacy banks, innovation and FinTechs.
Consumer friction, Artificial intelligence and Big Data, the three main issues on top of the banking sector’s hot list have not changed for a while now, but why is it so?
In order to deal with these different issues, legacy banks need to innovate either internally or externally. However, it does not seem to be the case so far.
In this note, we will thus identify the main factors that have stopped the innovative process within traditional banks and define how the way to fix their problems could be right under their noses in the FinTech industry.