David K Donovan describes approaches banks should take to defeat their tech-based competitors

1. Bank vs. Tech
How banks can defeat their
new competitors
David K. Donovan

2. Cultivate a:
Digital Ecosystem
•Incorporate technology into the core of
the company’s structure.
•Take a hint from internet companies:
force your clients into your value chain.
•Create a fully comprehensive set of
services, platforms and information, to
ensure that their clients are spending as
much time on your properties as
possible.

3. Regain the :
Trust
•Invest significant capital into internal
data and security systems and
processes
•Prove the bank’s commitment to the
security of the client.

4. Understand Your :
Data
•Today’s banks act are repositories for
vast amounts of customer data.
•Take time to strategize about what
information would be most beneficial
to analyze
•Consider and invest in the best tools to
accomplish this

5. Implement :
Transparency
•Rebuild trust through transparency
•Be transparent about customer data
usage
•Avoid lengthy terms and conditions, be
clear about how the bank is using,
accessing and aggregating client
information
•Explain the algorithms that the bank
utilizes

6. Learn More
•davidkdonovan.org
•davidkdonovanfinance.com
•davidkdonovan.info