If consumers can get constant access to services and purchase through their computers, mobile devices and smart home technology, it follows that they would expect a similar level of connectivity (for service, advice and purchases) from their financial institutions. Most of the time, self-service on-demand is more convenient because it’s on the customer’s terms. It’s not a “Millennial thing.” It’s now the primary way the purchasing process begins, if not finishes. According to a recent study by Ellie Mae, 92% of all home borrowers research online before applying.
So what can GonzoBankers do to keep up? Here are six ways financial institutions can prepare to better connect with customers who are nearly all digital-first now.
Excerpted from Sam’s contribution to How banks can follow Amazon’s strategy of constant connection, Independent Banker, March 1, 2019
2 thoughts on “How Banks Can Stay More Connected Like Amazon”
I agree with what you say, but I also know the devil is in the details – and bankers love the one (devil) they’re with (sorry Stephen Stills). We (bankers) need to better visualize what the new world looks like INSIDE the bank and we tend to take too much time doing that.
Gary, I agree about inside the bank. It’s the reason why the first two of the six suggestions are about inside the bank. Because the organization and accounting/accountability approach are often the very barriers that slow down the needed change. No matter how many journey maps and roadmaps you have. Org and P&L can work against them.