BY BRYAN KNOPS AND NEIL HARTMAN
IN AN ERA FUELED WITH TECHNOLOGY INNOVATION, where today’s startup is tomorrow’s next billion-dollar idea, it’s not difficult to understand why customers still see banking as a com- moditized marketplace.
When viewing the industry from the outside, there isn’t much that sets one financial
institution apart from its competitors. Novel products once found enticing—such as
email payments, mobile capture or even personal financial management—are now
expected from even small community banks and at no additional cost. Needless to
say, generating noninterest income is no longer as simple as charging customers fees
for the products and services provided.