Banks and financial firms are forging ahead in the FinTech market, with many either partnering with startups or creating their own businesses from scratch. One financial company that is expanding its FinTech efforts is USAA, the insurance, banking and investment firm geared toward the military, which on Friday (Aug. 12) named Heather Cox, CEO of Citi FinTech, in the new role of chief technology and digital officer.
Cox, who was credited with driving innovation at Citi with an eye on digital applications, will report to USAA Chief Executive Stuart Parker. "Our members deserve world-class experiences whenever and however they interact with USAA," said Parker in a press release announcing the appointment. "Heather's appointment reinforces our service commitment in fast-moving areas, like digital, technology and user experience. She's the right leader to take us where we're going."
Cox will be in charge of a team that includes IT, digital strategy and operations and experience design employees at USAA. “USAA is known for innovating and delivering an excellent member experience for the military community. I can’t wait to join the team,” Cox said in the press release.
Cox joined Citi from Capital One in 2014 and was named chief client experience, digital and marketing officer at the bank. Last year she was tapped to lead a new FinTech business within Citi. Her job was to make Citi ready for a future where mobile comes first.
FinTech companies have been doing a good job of eating into banks’ turf, and yet, it is the banks that are seemingly watching without really acting as quickly as they should be. In a CapGemini annual world banking report, it found via a survey of 16,000 retail banking customers that nearly two-thirds are tapping into FinTech offerings and 55 percent are likely to recommend these tech-savvy firms over banks.