Rafalovsky said he challenges anyone "to give me an example of great ground-breaking innovation in consumer banking," taking a swipe at Apple and some of the financial technology upstarts that have built app-based bank accounts that don't charge any fees.food to demonstrate his point. He said that restaurants both good and bad use the same ingredients and recipes to make their food, and that banks and fintech firms are "all investing, more or less, in the same ingredients.
"How do you innovate if everyone is using the same ingredients on the table?" Rafalovsky said. "What will make your end product better than your competitors?" What financial institutions should focus on, he said, is the "intersection of financial and non-financial services," putting customers at the center of product development.
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