The article calls out how banks are indeed changing with the times to be more flexible and responsive, more open and approachable. This is in direct opposition to what was once a feature function of ideal Financial Institution: conservative, dispassionate and monolithic, staid in it ways and not prone to jump on every fad. These characteristics are now essentially “bugs” in the bank’s operational approach. Those institutions with an obvious lack of openness as seen as secretive, further contributing to an erosion of trust that was seeded for many consumers by the most recent banking crises in 2008. THe author boils it down in the following passage:
A deep level of engagement with consumers is not just desirable for banks but a necessary step forward to retain the lucrative parts of the business. However, the success will solely depend on the level of differentiation in the banking experience that is being offered to the customer. Banks not only need to follow the best practices of the industry but also need to inculcate an innovative streak in their DNA to delight and surprise consumers all along their engagement journey.
Mercator Advisory Group’s assessments of the fundamental changes financial institutions need to incorporate include similar observations outlined in the article. The beam financial institutions are being asked to walk by consumers at is simplest level is to be responsive to the personal financial requirements and to be forthright and open about how business is conducted. Those financial institutions able to make the changes needed to win new business while preserving the trust and reliability on which banking is founded will be well positioned, but it will be no easy task and will require more frequent course corrections than these entities steered in the past.
Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group
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