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14th February 2020
SAS comments on FinTech as an opportunity for all banks
Challenger bank N26 has announced that it will be closing accounts for UK customers on 15th April, citing difficulties created by the Brexit process.
While there is no sign that other challenger or established banks will follow N26 in quitting the UK, the financial services sector is being held back by a lack of innovation meaning established players are falling behind.
Alex Kwiatkowski, Principal Industry Consultant, Global Banking Practice at SAS, comments “The adoption of open banking by more challenger banks shows that consumer appetite for easier data sharing across different finance providers is growing exponentially.
As the financial landscape rapidly changes, banks which adopt new technologies are making strides ahead of the competition. But the difference is in the data. Banks which can analyse this data quickly and effectively to derive relevant and actionable insights for customer service, data protection, and innovation, will come out on top.
Any competitive bank, whether traditional or challenger, should be looking towards FinTech as a golden opportunity. To get ahead, they need to become truly data-driven organisations which ultimately means having the capability to make faster, smarter decisions. After all, it’s only a matter of time before a killer banking app is created, leaving competitors scrambling to keep up.”