By Jim Marous, Co-Publisher of The Financial Brand, CEO of the Digital Banking Report and host of the Banking Transformed podcast.
The way consumers interact with financial institutions is constantly evolving, especially as a result of the last minute lock-down of branches and almost immediate changes in the way consumers managed all components of their daily lives. More than ever, the importance of consumer insights, staying agile, being responsive to change, and creating a seamless engagement experience are vital for success in financial services.
Online and offline channels are no longer considered separate by consumers. More than ever, consumers will connect with their bank or credit union across channels, interacting with many touch points before opening an account, expanding a relationship, or even doing a simple transaction.
Many financial institutions have had to quickly adjust to the “new normal” by increasing their digital capabilities and introducing new products and services. The challenge now is to make these digital processes easy, having a single view of the customer across channels, and effectively deploying real-time multichannel marketing. While this is a massive shift from the way things have been done in the past, new technology and capable solution providers can help make the process fast, effective and efficient.
“Brands must reinvent their operating models to act in the moment. They need a holistic data and technology strategy that they can individualize at scale, customer journey capabilities that can adapt in real-time, and intelligent decision [making] to automate the self–reinforcing cycle of tailored experiences”, according to Futurum Research.
