Experience Driven Banking
Like any good revolution, the digitization of banking throws up opportunities, most notably the chance to deliver a much more intimate and value-added customer experience.
Customers today want a different relationship with their financial services providers. They want their banks to become more involved in their commercial and financial lives. Surveys show that people would expand their relationship (or pay more) in return for providers giving expert advice, finding ways for them to save money, rewarding their loyalty and proactively recommending products and services that they really need.
When financial providers combine this kind of personalised service with other information, such as context and channel preferences, we enter the realm of experience-driven banking. Banks can use data to deliver to customers high value customer insights, at the time and place they need it and over their preferred channel.
It is now up to banks to realise the promise of experience-driven banking. The prize being to win back customer loyalty.