The most common theme at the recent Financial Brand Forum was that much of the banking industry is falling behind what consumers are expecting and what new competitors in and out of banking are providing. Virtually every session during the 3-day event was a call to arms for financial services executives to avoid complacency and realize that the transformation in banking is occurring at a pace far faster than most imagine.
As consumer adoption of the digital lifestyle has gained momentum, it has disrupted businesses in every industry, introduced new competition, and redefined ecosystems. People no longer view banking as a place to go … they expect their financial institutions to know them, look out for them and reward them – in real time – using the channel they prefer.
Banks and credit unions that are focusing their business models around the consumer’s digital lifestyle are realizing great value from the digital opportunities. These opportunities are not just for the new fintech or established big tech firms, but are also available to traditional organizations. The key is to use a digital-first approach to connect emotionally with consumers and to build simple, contextual and personalized experiences.
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