While the financial industry has spent the past decade dealing with mergers, the financial crisis and meeting regulatory requirements, other industries have embraced the digital revolution. In choosing to evolve along with the shifting consumer landscape, these sectors have optimized their processes to better serve them.
As confidence in banks and financial advisors has continued to erode, many financial institutions have been faced with re-evaluating the way they market, promote and offer products and services to a new generation of digitally native consumers. As new financial startups (e.g., LendingClub, FutureAdvisor) and the big internet companies (e.g., Apple, Google, Facebook) have entered the financial services space, “too big to fail” has become “too big to evolve.”
During the summit, industry experts examined this cultural and technological shift, the innovation required for an evolution in banking and what smart financial institutions have done to catch up and ultimately win back their customers.
Beginning with remarks from H. Fenwick Huss, Willem Kooyker Dean at Baruch College, and closing with President of Interbrand, Tom Zara, the #2big2evolve event also featured commentary from the following honored guests:
- Ken Fredman, Global Head of Digital Marketing, BNY Mellon
- Megan Brewer, Head of IT Strategy Innovation, Credit Suisse
- Bob Verrico, CEO, Investing Channel
- Div Pithadia, CTO, Capify
- Ramy Serageldin, COO, Moven
- Laura Kozien, Sr. Director, Comm., Accion
- Daniel P. Egan, Head of Behavioral Finance, Betterment
- Andrea Turner Moffitt, Co-Founder, 1000 Strong
- Prem Melville, Founder & CEO, Social Alpha
- Conner McGee, Financial Analyst, Morgan Stanley
- Vipin Chamakkala, VC Associate, Work-Bench
- Paul McClung, VP, Products, Barclays Bank
- Meghann Fraser, Senior Director of Strategy, Interbrand
- Alex Lirtsman, Co-Founding Partner & Chief Strategist, Ready Set Rocket
- Ana Valuenzuela, Associate Professor of Marketing, Head of Baruch Consumer Research Lab, Baruch College
Divided into three panels—“The New Financial Consumer,” “Innovations in FinTech” and “A 5-Year Roadmap”—these industry insiders provided invaluable insights on current issues and future solutions.
Panel 1: “The New Financial Consumer”
As Bob Verrico explained: “The new consumer has different expectations. They require services that suit their needs and the ‘right’ content.” The overarching theme centered around trust, building relationships and transparency in order to reach the 70-year-old investor and the 22-year-old millennial investor.
Panel 2: “Innovations in FinTech”
Putting on his VC hat, Vipin Chamakkala told it like it is: “Millennials don’t trust financial services companies. And they all have smartphones.” Beyond millennials—a group frequently mentioned during the summit—Andrea Turner Moffitt spoke to the challenges female investors experience in the space. From APIs to cloud services, the panel brushed the surface of what’s now and what’s next.
Panel 3: “A 5-Year Roadmap”
Looking to the future, Conner McGee pointed out that: “Communication will be huge for innovation: real-time interactions and feedback for consumers.” In this panel, “change” was the overarching theme. The panelists commonly referred to “nimble” companies and how critical it is to be agile in order to adapt to rapid change. [Read more in our Q&A with Ramy Serageldin.]
Once again, we want to thank our partners, our panelists and all of those of who helped make this such a successful event! Stay tuned for the “Too Big to Evolve” microsite featuring video from the event.
— brandchannel (@brandchannel) September 10, 2015
People are very emotionally attached to their money so people need to feel good about their financial decisions. #2big2evolve
— Interbrand (@Interbrand) September 10, 2015
— Ready Set Rocket (@readysetrocket) September 10, 2015
— Work-Bench (@Work_Bench) September 10, 2015
— Gareth Price (@garethsprice) September 10, 2015