Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Next Generation Of Banking: An Excerpt

1,104 views

Published on

Once run by a few large banks, it has been taken over by smaller, more nimble and technology-driven disruptors who are putting the power back into the hands of consumers.

Banks need a more customer-centric way to do business and to differentiate themselves in new ways.

This report will explore the most crucial changes happening in the finance industry, and how legacy banks need to act today to be around tomorrow:

CHAPTER 01
Banks need to be bolder by standing for a value or experience that differentiates them from the crowd.

Published in: Business
  • Be the first to comment

  • Be the first to like this

Next Generation Of Banking: An Excerpt

  1. 1. NEXT GENERATION OF BANKING. CUSTOMER EXPECTATIONS ARE EVOLVING & BANKS NEED TO KEEP UP THE LATEST INSTALLMENT OF OUR: Near Future Of Series
  2. 2. CONTENTS. CONTEXT CHAPTER 01: BANKS NEED TO BE BOLDER - AN INCREASING IRRELEVANCE - DIFFERENTIATE ON CUSTOMER EXPERIENCE - THE 5 KEY EXPECTATIONS INFLUENCING TOMORROW’S BRAND EXPERIENCE + BEST PRACTICES EXPLORE YOUR OPPORTUNITIES P 07 P 20 P 27 P 35 P 64 - 03 -
  3. 3. LHBS is a marketing & innovation firm with offices in Berlin and Copenhagen. We help clients to understand today's emerging customer expectations and to shape their business offerings for tomorrow. www.lhbs.com Kathleen McCaffrey Analyst at LHBS lhbs.com | kmc@lhbs.com Once run by a few large banks, it has been taken over by smaller, more nimble and technology-driven disruptors who are putting the power back into the hands of consumers. Banks need a more customer-centric way to do business and to differentiate themselves in new ways. This report will explore the most crucial changes happening in the finance industry, and how legacy banks need to act today to be around tomorrow: • Banks need to be bolder by standing for a value or experience that differentiates them from the crowd. • Banks need to be faster by identifying and transforming both simple & complex processes to responsive, more customer-focused experiences. • Banks need to be smarter by harnessing their mass of customer data for more personalized experiences and adapting external technologies and knowledge. THE FINANCE INDUSTRY IS EVOLVING.INTRODUCTION. INTRODUCTION.LHBS // NFO: NEXT GENERATION OF BANKING - 04 -
  4. 4. BANKS NEED TO BE BOLDER. BANKS NEED TO BE FASTER. BANKS NEED TO BE SMARTER. CHAPTER 1 CHAPTER 2 CHAPTER 3 CONTENT.LHBS // NFO: NEXT GENERATION OF BANKING - 06 -
  5. 5. JEFF YABUKI. “The only thing advancing faster than technology is consumer expectations. …New entrants are redefining financial experiences and challenging incumbent financial institutions by driving technological innovation in pursuit of meeting changing consumer expectations.” PRESIDENT AND CEO, FISERV. CONTEXT.LHBS // NFO: NEXT GENERATION OF BANKING - 13 -
  6. 6. 01.CHAPTER - 18 -
  7. 7. 01. BANKS NEED TO BE BOLDER. Today’s generations have choice. One in three Millennials are willing to switch if a better option comes their way - and it will. Fintechs are expanding well into the industry with billions of dollars of VC investment. They are not only meeting today’s consumers’ greater expectations of brands, but are helping them to reimagine how banking and managing their money could be. Traditional banks need to compete on customer experience, identify their key differentiators and cut through the noise to communicate them to their audience. LHBS // NFO: NEXT GENERATION OF BANKING - 19 -
  8. 8. MILLENNIALS’ PERCEPTIONS OF THEIR BANKS. 53% of Millennials don’t think their bank offers anything different than other banks. “I don’t see the difference between my bank and all the others.” ALL FOUR of the leading banks in the US are among the 10 least loved brands by Millennials. Four leaders: JP Morgan Chase, Bank of America, Citigroup & Wells Fargo Source: The Millennial Disruption Index BANKS NEED TO BE BOLDER.LHBS // NFO: NEXT GENERATION OF BANKING - 24 -
  9. 9. Source: The Millennial Disruption Index THE TOUGH LESSON: You don’t stand out and 1 in 3 of (your) Millennials have said they’re open to switching banks in the next 90 days BANKS NEED TO BE BOLDER.LHBS // NFO: NEXT GENERATION OF BANKING - 26 -
  10. 10. TRADITIONAL BANKS NEED TO BE BOLDER BY DIFFERENTIATING ON A KEY CUSTOMER EXPERIENCE. BANKS NEED TO BE BOLDER.LHBS // NFO: NEXT GENERATION OF BANKING - 27 -
  11. 11. Your customer’s last great experience from any industry is their new benchmark for your business. BANKS NEED TO BE BOLDER.LHBS // NFO: NEXT GENERATION OF BANKING - 31 -
  12. 12. HOW CAN BANKS DIFFERENTIATE ON CUSTOMER EXPERIENCE? BANKS NEED TO BE BOLDERLHBS // NFO: NEXT GENERATION OF BANKING - 34 -
  13. 13. HERE’S THE 5 KEY SHIFTS IN EXPECTATIONS Recent research reveals five evolving expectations of a brand experience that today’s Millennial generation want to see from banks: BANKS NEED TO BE BOLDER.LHBS // NFO: NEXT GENERATION OF BANKING - 35 - …
  14. 14. WANT THE FULL REPORT? Download it here: lhbs.com/next-generation-of-banking-01

×