Customers still want banking experts, not an app of all trades

WHEN it comes to personal finance, customer trust is driven by expert relationships, not platform transactions. With multiple technology players crossing over into the financial services industry of late, we are witnessing a new breed of digital conglomerates - the GEs of the 21st century, if you will - surfacing that aim to penetrate every aspect of consumer finance possible.

Companies like Amazon, WeChat, Alipay, GrabPay and Go-Pay, to name but a few, undoubtedly have a strong advantage when delving into this space. With an already strong network of customers, an established brand and business model, they also have access to invaluable data on consumer behavior. Moreover, they also bring with them advanced technology and many now are moving into financial services bundled with their core business.

The proposition of an "App of All Trades" by the digital-age giants of today is focused on their ability to manage multiple functions and transactions on a single platform. However, the relationship formed with customers via the platform tends to be transactional at best. When it comes to financial services, customer trust is paramount and that trust is often built upon established relationships, not mere transactions.