PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

Soon Customer Situations Will Dictate Services, Rather Than Vice Versa

By Joseph Walent
January 19, 2018
in Analysts Coverage
0
2
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

hands with gift box and digital tablet. online shopping concept

Customers vote with their feet. The access to a wider range of consumer banking service providers and consumer lenders encourage financial institutions to invest in modernizing their own internal systems to be better able to deliver the comprehensive financial experience many have come to expect having received similar experiences from retail and healthcare industry participants.

Driven by changing consumer behaviour, the concept of channel will disappear as banks start to break down these silos and work towards bringing the physical and digital experience together. This will be a huge step for financial institutions to take, but an incredibly important one because customers don’t think in terms of channels – they want to consume services where, when and how they want them and services must be adapted accordingly.

The limitations of a FIs internal systems are not the customer problem, and they do not expect to be limited by those systems. They know that they receive product recommendations from their favorite retailer when engaging online, and are coming to expect that same level of service from an FI they have, in many cases, been doing business for much longer. Technology enables individualized financial solutions to be conceived, implemented and serviced at scale.

Mercator Advisory Group anticipates many FIs that are seeking to retain the primary financial institution (PFI) role with their customers will accelerate their innovation and implementation velocity. Personalized service will be table stakes in the coming years, with the PFI delivering as vital service coordination resource. The fundamental shift in thinking for FIs will be from having “owned” a customer to acting as a fiduciary and advisory partner that benefits when the client is best served.

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

Read the quoted story here

2
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Tags: Customer Interactions

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    AI Is Turning Accounts Receivable Into a Strategic Powerhouse

    AI Is Turning Accounts Receivable Into a Strategic Powerhouse

    July 15, 2025
    Embedded Finance

    Embedded Finance: Bringing Payments Under a Single Umbrella

    July 14, 2025
    Making Real-Time Payments a Reality

    Fulfilling the Promise: Making Real-Time Payments a Reality

    July 10, 2025
    mortgage

    The Rich Benefits of In-House Payment Systems

    July 9, 2025
    digital cards

    Beyond Plastic: Why Digital Cards Are the Future

    July 8, 2025
    What Premium Card Overhauls by Chase and Amex Reveal About the Credit Card Market

    What Premium Card Overhauls by Chase and Amex Reveal About the Credit Card Market

    July 7, 2025
    Rewire Acquires Imagen, Looking at Prepaid Cards for Migrant Workers

    Smells Like Team Spirit: What Makes Cobranded Credit Cards Work

    July 3, 2025
    uk banking outages

    New Continuous Strategies for Battling Account Takeovers

    July 2, 2025

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2024 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result