The insertion of digital aspects in all facets of our day-to-day lives has seemingly accelerated in the past year, and our expectations of how businesses and service providers interact with us have responded to this new normal. Financial institutions are playing a game of catch up in many cases, with leading one-commerce companies having set a grueling pace for the integration of digital communications with existing platforms. The article provides recommendations for a course of action that will help many FIs to effectually close the customer interaction gap.
To avoid a severe depletion of interest income and customers, banks can look to dramatically improve how borrowers interact with their finances by implementing the following five pathways of a sales enabled, digital banking experience, thereby delivering more with less:
• Imagine
• Interact
• Improve
• Analyze
• EncourageCertainly the introduction of these fundamentals may seem somewhat academic to an industry that has collectively practiced a tried-and-true model for decades, but despite how several banking executives view their balance sheets, the model is in fact being upended by regulatory policies, customer behaviors, and external threats.
Mercator Advisory Group recognizes the “coming around” is underway for financial institutions across the value stack. We anticipate individualized service products will be the norm, and collaboration between firms will be a skill that successful players have adopted and incorporated into their operational standards as they seek to partner with consumers in generating realistic financial outcomes from expressed intentions.
Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group
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