How we engage with financial institutions, as the author of the article calls attention, has been shaped, and will likely to continue to be shaped by the advancement of technological capabilities and individual expectations? That is to say, more of us are coming to realize that “banking” affords greater choice now than it had previously, and to achieve the experience interacting with a financial institution is increasingly at the discretion of the client. Those that do not accommodate for this prevailing current ft in consumer awareness will have a rough go of it.
How often do customers start a banking process either online or on the phone, only to have to repeat their request or personal information because the channels and departments don’t work collaboratively and share information? Friction makes consumers less enchanted with their banks by making it cumbersome to get a product or complete what the customer views to be a simple task.
Mercator Advisory Group expects those FIs that make themselves more flexible and nimble in the development and support of individualized products and services will be beneficiaries of both increased revenues and consumer loyalty.
Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group
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