Financial institutions must kill pain points in their customer experience

Consumers now expect to do anything, anywhere, in the digital channel of their choosing — with zero friction. Traditional financial institutions must rip a page from the fintech playbook and embrace a totally frictionless future.

In an increasingly digital world, consumers expect a frictionless, omnichannel experience from their banking providers. Any form of friction — especially in digital channels — which inhibits users from intuitively and easily achieving their goals, is deemed unacceptable. If consumers encounter friction in any routine banking task, they will reshape their view of the institution, and the banking brand will take a hit.

Traditional financial institutions can reframe the situation through a lens that’s a bit more positive: Wherever there is friction, there is opportunity. Banking executives can build their organization’s branch by hunting down all point points lurking in their customer experience and quashing them.

This must be done urgently. Startups and fintechs are challenging incumbent financial institutions by finding opportunities to remove friction across all touchpoints in the customer journey. Opportunities to innovate abound — from the digitization of back-end process to point-of-sale service offerings and task automation, even the reinvention of “money” itself.

 

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