Author: Annette Malave, SVP-Insights, RAB
A 2016 PwC publication stated that fintech (short for financial technology) would reshape banking. Based on a survey of banking executives, the article stated that, within five years of the article, 90% of banks expected growth of mobile applications. At that time, a little more than half of the respondents offered a mobile app for their clients, and 18% were currently developing one. Clearly, the pandemic has had a greater impact on services and offerings by banks and financial institutions.
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Dr. Everett Rogers, a communications studies professor at Ohio State University, popularized the theory of diffusion of innovation. According to Rogers, there are four key groups or mindsets when it comes to new technology, new ideas and new concepts. At the front end are Innovators, the people who are constantly looking forward and searching for what’s next. At the back end are Laggards, who are constantly looking back and wondering what happened and how the world around them changed.