Today, customers have a number of options of when and how they communicate their banking needs. However, one thing is certain - they want to do business with financial institutions that make their experience easy, convenient and simple. A customer’s first impression of a financial institution is extremely important and with planning, the digital revolution is making onboarding more easy, convenient and simple.
Financial institutions are awash in data that could enable them to construct the most intimate financial portrait of their individual customers in history including information about transactions, financial holdings, location, biometrics, user experience and social media feeds.
To remain competitive, financial institutions must have an ever-evolving strategic plan that delivers greater customer value across an increasing number of channels.
According to a three-year study by Scratch, Millennials consider financial institutions to be the most hated and irrelevant brands on our planet. As dramatic as it sounds, this finding is unremarkable, at least as concerns this generation’s emotional position on financial institutions. In 25 years of being in the FinTech industry, I have never heard people say they loved their bank or wanted to send flowers to their credit union. Most of us don’t even like the act of banking no matter how convenient it gets. For most of us, it is simply a necessary yet mundane chore we have to do.