The impact of mobile computing and network access on our daily lives is still taking place. The article provides and well thought out evaluation of how financial institutions need to rapidly re-orient their operations and presence to serve consumers that are eager for a near complete digital relationship with their financial institution.
Even with perfect data, analytics and targeting, the digital consumer is very aware of options and can quickly shop for the digital experience that meets their needs for any particular financial services solution. For instance, if an ‘omni-digital’ consumer is in the market for a loan, and their primary financial institution proactively connects with them with an offer, the digital consumer still does their due diligence. If the application, approval and funding is not seamless, the customer will look elsewhere.
Mercator advisory Group observes the population of pure-digital financial institutions has gone about establishing itself in the U.S. while there has been discussions of moving incumbent FIs to more effectively leverage the “omni-channel” approach. Please see our recent viewpoint Virtual Financial Institutions Are Here. Hasn’t Anyone Noticed? for more analysis of this expanding population of financial institutions that carry little to none of the legacy costs of traditional banks and credit unions and are singularly attuned to consumer service delivery from a “omni-digital” approach.
Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group
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