November 28, 2018

Consumers Demand Emotional Connections, Even from Their Banks

Fast-evolving consumer expectations present one of the biggest challenges facing the financial services industry today. Consumers expect their financial institutions to deliver the same intuitive and dynamic digital experiences that tech giants like Amazon and Uber offer. They are looking for hyper-personalized experiences that simplify their financial lives and help them make sound decisions. A recent survey of banking customers found that technology brands have established stronger emotional connections with consumers than their banks. Source: Accelerating digital transformation in banking To replicate the digital success of their tech counterparts, banks should consider focusing on: Removing friction from the overall banking experience Supporting users through their financial decision-making process Understanding and anticipating users’ changing financial needs 1. Simplify consumers’ financial lives by removing friction from engagements Uber is a really good example of an app removing friction from the engagement process by streamlining every step of the digital (and physical) journey…

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