The change in daily engagement digital communications have brought to most consumers has been pronounced in banking given its dealing with intangibles of worth and trust. The industry as a whole is undergoing a transformation that extends right to its core. Those financial institutions willing to take on the new role they are being cast in will garner reciprocal customer loyalty.
“Banking is the enabler to get you to what you really want, not the end in itself,” says Gaston, whether it be saving, paying bills, buying on credit, financing a business. Of course, Gaston adds, the bank sees financial education as building further enablement—such as helping prospective borrowers prepare to apply for a mortgage. “The last thing we ever want to do is say a permanent ‘no’,” he explains.
Mercator Advisory Group expects more FIs are coming around to the idea of partnering with consumers, mentoring them, advising them, to help them to realize their financial goals and potential and to share in that success. We believe this requires a fundamental change in how time is measured for FIs, whereby the idea of outcome based pricing is applied to FI/consumer engagements measured in years, but leveraging digital-based tools to sustain an ongoing dialogue. Those organizations with ability to take on this longer-term thinking coupled with digital-engagement will gain business steadily and demonstrate ongoing value to customers and employees alike.
Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group
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