Mike Carter, CEO of BizEquity

The successful financial services firms of the future will use a variety of fintech solutions to transform capital and credit from commodities into opportunities, an expert in data analytics has predicted.
“The bank of tomorrow will embrace fintech and all its associated innovations, including cloud, AI, blockchain and Big Data, to transform the way it interacts with its customers,” said Mike Carter, CEO and founder business valuation specialist BizEquity. “Financial services companies will essentially become technology companies that deliver two main products – capital and credit.”
He also foresees that banks will learn to aggregate value to personal and business customers through tailored service delivery and customized product offerings: “The bank’s competitive advantage will be its ability to deliver a holistic integration of these technology services better, faster and more elegantly than customers could otherwise independently access them,” said Carter.
Banking winners will, he said, do three things better than their competitors: provide access to capital and credit in ways that others don’t by moving away from commodization through the introduction of analytics; deliver an elegant, seamless customer experience that leaves the customer anticipating new product and service rollouts with excitement; personalize the experience for customers of all size.
Carter said that BizEquity has pre-valued over 33 million private businesses and distributes its cloud-based service through thousands of financial advisors to help inform small businesses of their lending, insurance and wealth management potential.

by Guy Matthews