Technology has prompted both clients and competitors to take a long, hard look at the prevailing business orthodoxies in the financial industry. Customers have exponentially more information than they had just a decade ago, allowing them to compare the products and services of not only your local competitors but also financial institutions from around the globe. But, how does a bank differentiate when products and services are quickly commoditized, and pricing pressures result in a race to the bottom? The answer lies in building loyalty through orchestrated experiences.<\/p>\n
Though financial institutions have traditionally been at the forefront of technological innovation, they have primarily focused on developments\u2014such as improved efficiency and automation of repetitive processes\u2014that have benefitted themselves primarily instead of their customers. The result has had detrimental consequences for the customer relationship\u2014nobody enjoys navigating the interactive voice response system and repeating themselves over and over. It\u2019s little wonder that some people are turning to alternatives.<\/p>\n
Fortunately, these challenges are also a source of opportunity: innovative financial institutions are trying new business models and rethinking internal processes to deliver improved customer experiences\u2014and stand out from the crowd.<\/p>\n
But delivering the ideal experience is no simple feat. It requires a level of data mastery that many institutions are struggling to attain. Though many banks have a wealth of data about customers, very few can transform it into actionable insights. Part of the problem rests with the design of the systems themselves: they were added as needs arose, and they were not designed to talk to one another.<\/p>\n