The financial services industry is undergoing a radical shift, one driven by changing business models, disruptive technologies, demanding consumers, and a new breed of agile, tech-driven startups. What does this transition mean for traditional incumbents? How can we reorganize our operations around meeting the holistic financial needs of our customers to drive loyalty and margin? This is an important time for FSPs to fuel future growth by redefining value propositions and engaging with customers across all stages of their financial journey.
Future Focused Initiatives
Digital Reinvention
Much of the innovation occurring in financial services has been limited to using technology to make the customer interface smoother. The next wave of digital will need to cut deeper by providing a network of strategic services and value to customers, such as access to new markets, financial analysis, and money management.
Unified Experience
Engaged customers not only hold more accounts at their primary financial service provider — they also look to that same provider when considering future needs. It’s time to start thinking about how you will grow revenue by connecting the customer’s entire experience across your organization (buying a home, starting a family, launching a business, or saving for retirement).
Banking Plus
The most successful companies are looking beyond one-size-fits-all approaches and building personalized strategies to meet customers’ specific needs over their lifetime. Going forward, leveraging the data you already have and the insights you don’t to develop deeper (and more profitable) relationships with your customers will be key.
