{"id":7447,"date":"2020-10-14T10:00:33","date_gmt":"2020-10-14T04:30:33","guid":{"rendered":"https:\/\/gtm360.com\/blog\/?p=7447"},"modified":"2022-04-05T15:10:45","modified_gmt":"2022-04-05T09:40:45","slug":"banks-versus-fintechs-who-is-ahead-on-product","status":"publish","type":"post","link":"https:\/\/gtm360.com\/blog\/2020\/10\/14\/banks-versus-fintechs-who-is-ahead-on-product\/","title":{"rendered":"Banks Versus Fintechs: Who Is Ahead On Product?"},"content":{"rendered":"

I concluded in Why Banks Will Never Catch Up With Fintechs On UX<\/strong><\/a>\u00a0that Banks will arguably not be able to catch up with Fintechs in terms of the User Experience of their websites and apps.<\/p>\n

(Definition of Bank and Fintech, and the difference between the two, are explained in my glossary here<\/strong><\/a>.)<\/p>\n

That post was about the UX of a Financial Services Product.<\/p>\n

This post is about the Product itself.<\/p>\n

\"\"<\/a><\/p>\n

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Over time, banks have created a wide array of innovative products like ATM, Credit Card, CDO2, CDS, HFT and UPI.<\/p>\n

Compared to that, I haven’t come across any pathbreaking products from neobanks.<\/p>\n

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Better UX, commitment to purpose & all that are great but I'm waiting for a Neobank to use its touted innovativeness to invent a brand new financial product, the way banks invented Credit Card, ATM, MBS, CDO, CDS, Algo Trading.<\/p>\n

— Ketharaman Swaminathan (@s_ketharaman) September 9, 2020<\/a><\/p><\/blockquote>\n