Banks and financial institutions are starting to see the potential of innovation and technology to change the traditional ‘commodity’ perception of banking into something much more engaging. Banks are now able to connect with customers in a way that is far superior to what has been seen before.
Through the mountain of data available and smarter technologies, banks can better anticipate and surpass their customers’ needs and expectations. Banks are also lowering the cost to serve by using technology to simplify and eliminate clunky and costly processes. The intended result is to create loyal and ‘sticky’ customers who are brand advocates – which ultimately leads to improved bottom line results.
“Just as technology is evolving rapidly, so too is the customer. Add into the mix increasing regulatory pressures and changes which is focused on maintaining and improving the standing of banks and financial institutions as key pillars in the Australian (and global) economy – and this creates some strong headwinds to navigate.”
It’s time to start thinking about the world of tomorrow, and the connected customer... today.
As customers are always on and connected, our Connected Banking: Connecting and engaging with tomorrow's customer... today report explores what banks and financial institutions need to do in order to keep pace with the ever-evolving and demanding customer.
Banks and Financial Institutions need to build trust and be relevant in a digital age.
We recently brought together a team to discuss the future of everyday advice and how it will affect the financial services industry. We looked at trends in technology and customer expectations. Then, we prepared a brief video to illustrate a new vision for the customer. Imagine: an always-on advisor that speaks your language, equipped with the right information to guide through life’s many financial decisions.