"Speaking at the FIS Emerald Conference in Orlando, Shane McWilliams, Head of Retail Digital Banking at FIS, outlined three pressing challenges that will separate thriving institutions from those left behind: serving small and medium businesses effectively, enabling secure data sharing, and fortifying fraud protections. "I spend the vast majority of my time thinking about our banks and their end customers," McWilliams explained. "If we focus on that, then everything else that we need to think about also just works itself out.""
"Many banks are still unaware of how dramatically the landscape has shifted. McWilliams noted that when he discusses data sharing with bank customers, their estimates of how many customers are already sharing financial data fall dramatically short of reality. This knowledge gap, he suggests, represents both a vulnerability and an opportunity for institutions to learn and adapt. The path forward requires banks to move beyond traditional product-centric thinking toward a model that demonstrates genuine understanding of customer needs - whether that's a small business owner juggling multiple financial tools or a consumer moving into a new home."
The banking industry stands at a critical juncture where customer expectations, technological capabilities, and security concerns converge. Three pressing challenges will separate thriving institutions from those left behind: serving small and medium businesses effectively, enabling secure data sharing, and fortifying fraud protections. Many banks underestimate how many customers already share financial data, creating both a vulnerability and an opportunity to learn and adapt. Small and medium business needs often fall into gray areas that resist one-size-fits-all solutions. Banks must move beyond product-centric thinking and demonstrate genuine understanding of customer situations to act as central financial hubs and win loyalty and business.
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