Digitally nimble fin-techs will attract 30% of traditional corporate banking revenue over the next five years. That daunting estimate behooves corporate banking to get moving with transitioning over to omnichannel. It’s a complicated transition, but there are tools and technology that can boost profit and help traditional corporate banks hold on to market share.
The customers have spoken – and in their mind, banks are all the same, focused on transactions, not relationships. Then there’s fintech and new regulations that are re-shaping the market landscape. These unstoppable market forces combined with customers’ dire indictment of the industry should be a rousing wake-up call to improve the customer experience before someone else does.
My friend’s mom is choosing a Christmas present for her insurance agent. As she puts it, it’s one small way she can thank her for going above and beyond during a time of need. So what was it that turned her difficult situation into a personal relationship?
For a long time the risk-averse insurance industry had no compelling reason to change. But customers have changed and so have their demands. They expect their pricing and product offerings that are relevant and personalized for their situation.