Forbes Finance Council: Banks and Lenders: Is Your Customer Data Powering an Amazing Customer Experience?

On Feb. 19, 2019, Total Expert Founder & CEO Joe Welu was published in Forbes Finance Council.

For banks and mortgage lenders, the revenue gains promised by fintech have not yet been realized. For example, the cost of originating a mortgage loan is up 61% since 2008 (to $7,877 per loan, as of Q2 2018).

But this isn’t only a problem for lenders: Amazon has entered the banking sector and is projected to have 70 million banking customer relationships by 2023 — about as many as Wells Fargo, the country’s third-largest bank, has today.

Meanwhile, in wealth management, robo-advisors (now about a decade old) are finally gaining enough traction thanks to AI-powered algorithms that they’re encroaching on wealth managers’ prospective customers.

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