When I started working in FinTech, the first question I had was: "Do banks seriously give us all that data to analyze?" To be honest, I was mainly concerned about my own privacy instead of dreaming about the benefits I could get by giving some of my information to third parties.
The last few decades have seen the financial industry slowly incorporating Internet-based technologies to open up new distribution and operational channels. Digital banking allows customers to access almost all financial services from anywhere, at any time.
Banks, however, are still offering essentially the same products and services as they did in the past. Compared to other industries such as entertainment, travel and retail, banks are not yet using these channels to actually change their business model or propose new and more relevant products or services. A few bells and whistles aside, the banking industry has yet to be truly disrupted.