Closing the Digital Divide Between Banks and Customers

Financial institutions now have the automated tools to engage with clients with personalized communications and customized offers. Adept use of these tools will require a rebalancing of objectives and integrating a markedly different approach to promote positive customer experience. The author encapsulates this well.

The model for the digital customer is less reactive, and more proactive. Rather than putting the responsibility on the consumer, information is delivered proactively … at the right time. And whereas most communication channels are one-for-all, the new customer communication model should be one-to-one.

Mercator Advisory Group concurs with the evaluation of the shift in messaging brought about by the various new mediums of interaction between an FI and consumer. The examples provided in the article do well to illustrate the new approach with digital communication. Establishing the preferred methods for the exchange of information between the FI and the consumer will cut across all aspects of the FI.

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

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