2 min readThe digital reality is becoming an uncomfortable one for many banks. For institutions that haven’t changed processes in ages, the speed with which new fintech solutions and startups are becoming competitors is unsettling.
But for many of these same institutions, the solution to the problem is to rise up to meet the customer expectations of the present.
More than 66% of the customers of financial services will be digital-only users in just 3 years.
So why fight the new reality?
Many banks have already centralized their data, enabling them to explore innovative ways to highlight what really matters in driving customer satisfaction and improve the overall customer experience.
But does your team know how to leverage your data to deliver exceptional experiences? How will you design a personalized experience for your customers?
Providing customers with personalized interactions promises to:
- Utilize existing data to increase sales;
- Uncover new business opportunities based on the current operational model; and
- Understand what other vendors and start-ups are doing in your market, so that you can partner with them rather than compete against them.
New digital technologies are not only disrupting traditional sources of competitiveness, but are raising the bar on what’s possible and setting new benchmarks for cost reduction. Cloud-based services and the “everything-as-a-service” model can redefine how investment banks approach operating models and IT systems.
But do traditional banks have the in-house skills needed? Where is the design thinking, experience design, business process modeling, iteration, and lean thinking?
Learn more about the expectations of customers, and the challenges and advantages of your financial business embracing the digital, in our white paper: “What if Banks Go the Way of the Neighborhood Grocer?”