Making Banking Intimate: Fintech and the Customer Experience

Banking has come a long way from its roots in 2000 BC when merchants were using grain as currency for loans (Davies 1994). During the Italian Renaissance, the banking process became more sophisticated as services such as deposits and withdrawals were added (Varadarajan 2014). With the continued modernization of commerce, the industry progressed at an exponential rate. This progress eventually tapered off when the 2008 Financial Crisis hit, effectively tarnishing consumer trust in financial institutions. In the aftermath, it was apparent that in order for banks to remain profitable, a new model was needed – one that focused specifically on the experience of the customer.