Banks are failing to give customers what they want, and that disappointment jeopardizes their business models, some industry executives say.
“Customer expectations are shifting dramatically,” said Jim Smith, executive vice president of virtual channels at Wells Fargo. “They are not being shaped by peer-competitor banks. They are being shaped by Apple. They are being shaped by Google. They are being shaped by Amazon.
“Too often, as an industry, we are not living up to expectations.”
Speaking at SourceMedia’s Digital Banking Summit held this week, Smith was joined by numerous bankers who spoke passionately about the need for financial institutions to create intuitive digital-money experiences.
Customer experience has consistently been shown to be an important topic – perhaps the most important topic – in recent Mercator Advisory Group Banking Channels research. The ability to offer an outstanding customer experience is often the leading reason banking customers choose to make a bank or credit union their primary financial institution. And today’s FIs need to evaluate their capabilities from a broader array of potential competitors than in the past, and include payments providers, software and technology firms, and consulting and systems integrators in their market scans.
Overview by Ed O’Brien, Director, Banking Channels Advisory Service at Mercator Advisory Group
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