Banking is getting better – faster, easier, more mobile, more connected, more transparent, and more personal. And, for many banks, there has been a very public and intentional renewed focus on customer advocacy – on rebuilding the trust lost during the financial crisis. Yet, despite years of ad campaigns, a full 63 percent of consumers believe banks only care about their own interests.
We believe banks must bridge the divide between what they say they do and what they actually do with a new service orientation that responds to customers’ needs, wants, and desires. The future of banking is about enabling customers to realize their dreams.
The first step? Understand your customer and simplify your product set.
Earning public trust is a matter of the customer’s banking experience living up to the brand’s promise. This hinges upon a detailed understanding of the customer’s changing expectations, particularly the need for purpose. We are seeing leading banks flip the current simple view of the customer, and endlessly complex view of the product set, on its head.
Written by David Poole (Senior Strategist) and Jon Day (Director and Global Lead for Financial Services)