Open Banking, Data and Digital Channels Key to Customer Retention

by Joseph Walent 0

The fluidity of financial data has made it easily transportable, incenting many financial institutions to adopt a value-add position in the marketplace. PSD2 has created a broad opportunity for non-traditional participants in the European Financial Markets that will permeate adjacent regional markets around the world.

Partnering and/or learning from fintech firms, challenger banks and even technology platforms is the way to become well placed for the future. Underlying all of these investment trends is the increasing need to leverage data to improve the customer experience through personalization, advanced advisory capabilities and contextual offers.

Mercator Advisory Group recognizes the broadening competitive field for financial institutions in the U.S. taking place in conjunction with many more individuals taking a more self-managed approach to managing financial wellness. The central controlling role FIs had occupied in the past becoming less useful. Those FIs making the investments to be more nimble in coordinating the response to individual customer needs with networked financial service partnership are seen as those entities that will thrive in the coming years. Taking responsibility for the experience and delivering a uniform look and feel of the products and services will be the way FIs assume a stewards role with consumers.

Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group

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