Finance Companies Should Look to Amazon for Inspiration, Says Fintech Executive

Amazon has been able to use the great trust it has earned with customers to produced true value and unique customer experience, said Dorel Blitz, Head of Fintech at the Israeli arm of Amstelveen, the Netherlands-based accounting firm KPMG. Banks and insurance companies must learn to do the same, he added.

Mr. Blitz spoke on Wednesday at a Fintech conference held in Tel Aviv by Calcalist, Israeli Bank Leumi, and firm KPMG.

Dorel Blitz, Head of Fintech at KPMG Israel

“It is not enough to offer the right policy. We must know how to make information and products accessible and adaptable to the customer’s needs, constantly creating true value,” Mr. Blitz said. “Why is my bank not analyzing my info and offering me better-personalized savings programs? My bank is best-positioned to understand my needs, and I should be able to trust it,” Mr. Blitz added.

“Recently a lot of smart and digital banking companies were opened,” Mr. Blitz said. They have a wide perception of the industry, not just a platform for loans, investments, and savings, but a complete product. We live in an era with an excess of information, and we want a service that can analyze info and offer us an efficient, fast, and smart that can save us time and money,” he added.

According to Mr. Blitz, the changes in the finance sector force financial firms to collaborate with technology companies, who are adept at working fast. “Demands today move innovative organizations and institutions to collaborate to stay up-to-date,” he said.