The Digital Banking Report has consistently found that financial institutions rank improving the customer experience as the top strategic imperative that will drive success in the future. Yet, in spite of this stated priority, few organization have invested in the key components required for an enhanced customer experience or achieved the level of success desired.
At the same time, consumers have become more demanding of what they expect from organizations across all industries. Instead of traditional forms of convenience, such as geographic proximity, consumers increasingly want to engage with companies that have advanced products that can save them time, make daily interactions more simple, and show empathy to their personalized priorities.
In financial services, these increased demands have come at a time of massive increases in alternative fintech and big tech competitors that are willing to deliver the highly personalized engagement levels wanted across the entire customer journey. Headwinds to delivering contextual experiences in banking also include cumbersome data silos at most legacy financial institutions, more stringent privacy laws and changes by tech companies that have marketers scrambling to get the external data needed to deliver value.
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