Gartner predicts that by 2030, 80 percent of incumbent financial services firms will go out of business through commoditization and ineffective competition.
The Age of Assistance, a term made popular by Google, is turning the financial services industry on its head. With ease of access and exposure to a large and diverse set of digital services, customers are no longer satisfied with just getting what they want. Today’s consumer demands flexibility in how and where they engage financial services to get what they want.
“Banks that take advantage of this shift will outpace their customers and seize a new generation of customers across a multitude of channels. Banks that fail to adapt, risk extinction,” said David Donovan, executive vice president of financial services at Publicis Sapient, in a recent whitepaper.
Thinking outside the app
“Customers think about banking while they’re doing other things, like shopping, making travel plans, and talking to their friends,” said Citi’s head of technology for its consumer bank, Gavin Michael.
Banks shouldn’t focus all their digital transformation efforts on making their brand visible and present everywhere. The true power of a digital transformation initiative is when banks understand the power of invisibility, suggests Donovan. By partnering, leveraging customer trust, and building an embedded ecosystem centered around the customer, banks can find a way to be more relevant for their customers.
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