Hack your way to digital banking success, with generative AI
With neobanks' average digital rollout cycle a lightning-fast two to four weeks — in comparison, incumbents take four to six months, according to
Here's a look at why this happens, and how incumbents can turn things around.
Building the basics: why banks struggle with speed
Banks move slowly for many reasons. But one of the most significant (and less-talked-about) issues they face is a dearth of trustworthy, easily-accessible market data.
Say you're a credit union looking to differentiate yourself.
First, you must understand what your competitors offer and how you stack up. What are your strengths? Which areas need improvement? And where do your competitors fall short?
Once you've created a roadmap, you must figure out how to implement it in a compliant and user-friendly way.
Absent objective market data, the only way to get answers is through industry reports and mystery shopping. Both are problematic. Industry reports are often outdated, while mystery shopping — opening an account with a competitor — is
Inevitably, product teams have to resort to trial and error, which lengthens the process further. According to
Supercharging digital banking research, with generative AI
FinTech Insights was born out of a desire to end this pain. Instead of manually piecing together research from disparate sources, users can quickly visualize their chosen market, objectively evaluate their product, and explore how competitors have implemented similar features.
But, with the advent of generative AI, digital banking research can be even easier and faster than anyone could've ever imagined. Ask a question, and
To go back to our example, where finding out must-have digital banking features through reports or mystery shopping would take weeks or months, with no guarantee of accuracy, FinTech Insights GPT provides an accurate answer near-instantly.
It takes seconds to uncover the five most popular iOS features in the US, for instance.
Once you have this information, you can investigate what individual banks or fintechs are doing. Below, for instance, we asked which of the top 5 iOS banking features in the US are supported by regional bank Truist.
You can then learn which competitor has the most user-friendly implementations, saving months of expensive, frustrating trial and error.
Asking which bank in the US makes it easiest to replace a damaged card on iOS, for instance, returns the top five, together with a UX score, from highest to lowest. Click "view" to see a step-by-step walkthrough of each bank's implementation.
Slow and steady doesn't win the race
With fintechs getting better and better at exploiting digital gaps, incumbents can't afford to take their time.
Deployment speed is as critical as the right mix of digital features and a seamless user experience. Move too slow, and the opportunity will pass by. A more agile competitor will have the first mover advantage.
The good news is that, with generative AI, digital banking research is quicker and easier than ever. From market overviews to in-depth feature teardowns, the insights required to gain the edge are a few simple questions away.
Want to see how FinTech Insights GPT can speed up research time and help you build outstanding digital banking features?
See FinTech Insights GPT in action
