Ed Vincent Joins Bankadelic Podcast: "The Bankadelic Bank to School Special 2024"
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Lumio Solutions CEO, Edward Vincent joined industry leaders Tyler Brantley (VP of Revenue, Core10), Landon Glenn (CEO and Founder, ASA), and Wilder Rumpf (CEO and Founder, FinTron) to discuss the state of the financial services industry in 2024 on the well known Bankadelic podcast. Some of the key takeaways from the discussion include:
Don't Make Decisions With Stale Data:
The financial services market has been moving faster and faster everyday, ensuring you're getting your hands on timely and relevant data has become imperative. Each of the guests stressed that regulators are watching and BaaS banks are typically requiring FinTechs to act as banks. With the increase in regulator vigilance paired with the explosive growth from AI adoption, clean and timely data is crucial for a banks strategy.
"The market moves faster and faster everyday, and from our perspective at Lumio Solutions, if you are making decision with stale data, that can be a really perilous exercise - you have to equip the executive team, board or risk committee with timely and frequent data or banks will find themselves left behind." - Ed Vincent, CEO Lumio Solutions
Customer Experience May Be Regressing:
The guests discussed how the explosion of technology in 2020 moved the customer experience forward significantly, but because it moved so quickly, banks were rarely able to create a strategy on how to use new technology (like AI) to enhance the customer experience. Guests also noted that while trust and brand loyalty were once key priorities, today's customers are more focused on functionality than on a seamless experience. FinTechs, often product-driven, must recognize the importance of aligning technology with a strong commitment to service in order to fully capitalize on growth potential.
Next Year Will Be All About Data:
When asked what each of the guests and their companies will be focused on in 2025, the common theme was data. Whether it be leaning into AI integration, figuring out how to aggregate timely data, or adding an analytic lens to the data aggregation, everyone agreed data utilization was a key goal for 2025.
This discussion provided a comprehensive look at the challenges and opportunities facing the banking industry in 2024, offering valuable insights into how financial institutions can adapt and thrive in this rapidly changing environment.
Listen to the full episode by clicking here
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