SRM (Strategic Resource Management), an independent advisory firm serving financial institutions and other industries across North America and Europe, released its most recent report: “Why Every Financial Institution Needs a Fintech Blueprint.”
Over 95% of banks and credit unions are dependent on one or more service providers to deliver and update banking services. The market is evolving so rapidly that even institutions possessing an existing digital strategy may be overdue for a refresh. COVID’s aftermath, macroeconomic shifts, and the omnipresence of fintechs are all catalysts for such a refresh.
SRM’s report details why financial institutions need a specific fintech blueprint – a more descriptive roadmap providing additional detail on what the institution hopes to accomplish and when, how, and with whom. It also describes the many challenges these financial institutions face from outsiders and non-bank entities. The report is authored by two of SRM’s leading experts on fintech, emerging payments, and open banking – Prakash Natarajan (Managing Director, Payments Strategy) and Jeff Ostheimer (Director, Fintech Advisory Services).
“The operational changes imposed on financial services by the pandemic served as a wakeup call for banks and credit unions,” said Jeff Ostheimer, Director of Fintech Advisory Services at SRM. “Today’s financial institution must deeply understand the behaviors of its current and prospective customers and members, determine which products to implement based on the organization’s strong suits and opportunities, and prioritize accordingly. A fintech blueprint has never been more important.”
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