But there’s a challenge – transparency.
Opaque verification processes, unclear credit limits, and confusing currency exchanges… all diminish trust.
Winners will be the transparent ones.
It isn’t your grandfather’s bank anymore. Just having huge neoclassical pillars in front of your building on Main Street, USA is not what instills trust.
Transparency instills trust.
Wise, previously TransferWise, is a prime example.
Clear exchange rates? Check.
Transparent fees? Check.
Options for transfer? Check.
Delivery timelines? Check.
Creating transparency in banking is about cultural and systematic change.
Banks need to move beyond the ‘black box’ mindset.
Because if they don’t, customer-centric competitors will take the lead.
What is the least transparent thing you have experienced from a bank?
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Digging deep on banks is what I do.
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