Different isn’t better-better is better

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While most every industry is moving more and more digital, there seems to be confusion centered around consumer demand. The article speaks directly on how there is this idea that consumers were disatisfied with the current banks and wanted more online banks, but in reality it was consumers want MORE from THEIR banks. Chase and BofA, the demand and expectations are to move to offering more digital products for consumers, and consumers are not necessarily looking for digital only banks. “Different isn’t better-better is better.” “This misconception about consumers’ satisfaction with their banks leads to one of the most deeply-held—but erroneous—beliefs in the fintech world: That consumers want a digital bank. Granted, for the vast majority of interactions and transactions, digital wins in terms of convenience and speed. But incumbents can do digital, even if it takes them a little more time to do so. The lesson learned is that consumers don’t want a digital bank—they want a better bank.”

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To relate to my field, I think of the current media “streaming wars”. The legacy companies should be investing more into providing digital content, especially for niche markets such as Disney+ or BET+, but consumers are not looking to be oversaturated with entirely digital content providers or 1000+ streaming services. They just want better options. I think this is similar in financial services, in that we do not need to see more options for banks, but instead better options from banks for digital banking.

https://www.forbes.com/sites/ronshevlin/2020/09/01/nobody-wants-an-online-bank-and-other-wisdom-from-investing-100-billion-in-fintech/?ss=banking-insurance#19d0e2cf6aae

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