Banks Spend Billions on Digital Initiatives. Why Aren’t They Winning?

by Edward O'Brien 0

man insert credit card into ATM

Most banks have high priority digital initiatives. But they are still falling further behind in customer satisfaction. In this blog, I will explain and propose steps pathfinder banks can take.

Banks understand the need to offer attractive and differentiated products to their consumer and business customers. Banks know that they must standardize across their channels. They know that customers expect the simplicity and power of an online experience similar to Google and Apple.

Customers, especially Millennials, expect more. Why aren’t banks able to keep up? How can banks begin reversing their downward trend?

While many banks and credit unions deserve the negative comments they receive about being reactive in serving their customers and members, others are leaders in their markets. In fact, some FIs have recently reported that their customer satisfaction scores have increased significantly since the deployment of gen 2 mobile banking and payments systems.

An increasing number of visionary FIs are leveraging their mobile and digital initiatives as part of a comprehensive omnichannel banking strategy that includes such important attributes as data management and customer and predictive analytics, which can help make valuable use of data and transform it to actionable information.

Overview by Ed O’Brien, Director, Banking Channels Advisory Service at Mercator Advisory Group

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