Before banks replace their core systems — which are largely homogeneous in the U.S. — they should work on ways to deliver convenient and engaging digital services for each of their channels.
Services with simpler fees and intuitive digital designs might appeal to younger users, but millennials have much more on their minds than saving for retirement.
Up until now, no fintech company has succeeded on a mass scale to offer solutions beyond its core product. But disruptors are trying to go in that direction, and banks should watch their efforts closely.
