Banks are at risk of becoming mere infrastructure and losing their most profitable businesses – because, says Soul Htite, new and emerging customers have already turned into internet customers, not banking customers.
Htite is founder of China’s Dianrong and, previously, of U.S.-based Lending Club. Speaking at the AMTD-Lendit Global Fintech Investment Summit, of which DigFin was a media partner, Htite explains how technology “offers banks a way to come back”.
He says the future of finance will not be decided by banks’ existing, wealthy customers, nor by people unhappy with how they are being serviced.
Instead, tomorrow’s industry winners will be determined by customers that are already digital, even if they are not being served by the finance industry. (See also our video from the same event featuring Dennis Wu of Futu Securities, discussing the leading role of data for winning business.)
Htite’s advice to banks in the video below: don’t focus on today’s customers. Focus on the vast majority of under-served or unbanked, using technology to reach them.
DigFin turns two!
To mark DigFin’s second anniversary, co-founders Jame and Chris take stock of fintech’s progress.
In this video, our co-founders Jame and Chris talk about two years of fintech. DigFin Group went live two years ago so it’s a great time to take stock of the industry.
Is fintech making an impact on financial services?
What are the barriers to adoption?
Should we be optimistic about the transformation of finance? To whose benefit?
Fintech in the Year of the Pig
Team DigFin predicts what’s in store for fintech and techfin in the Year of the Pig.
What does Team DigFin expect in China fintech and techfin? Check out our calls for the coming lunar year in:
And of course, happy Chinese New Year!
Kung hei fat choy!
Gong xi fa cai!
(DigFin is taking a break this week. We’ll be back on February 11th.)
Smart banking in Hong Kong
Get a peek at this week’s coverage of who’s changing the game in Bruce Lee’s town.
In this video, Jame introduces a special week for DigFin, because it’s all about smart banking in Hong Kong. Get a preview of the new business models we’re covering as a result of open APIs, faster payments and virtual banking.