Banking has reached a tipping point as growth in new account openings are attributed to banks that are digital innovators. There is also an increase in competitors as alternative banking services firms, from fintech to newcomers like Google, are gaining new customers and followers. Four out of five financial institutions believe that digital will fundamentally change banking and completely transform the industry’s competitive landscape. But according to research from the Boston Consulting Group, less than half (43%) confess they don’t even have a digital strategy. And an astonishing one-in-five banking execs consider their bank or credit union “market-leading” when it comes to digital.What are the winning strategies that financial institutions are considering to address these challenges?
Reinvent the customer journey
Learn what matters most during the customer journey. View critical points in the journey and how to improve those segments to improve the customer experience. Empowered customers are in search of a combination of self-directed services and open-channel advice that helps them accomplish more. Studies show that people will open more accounts, pay more for services, and increase deposits with financial institutions that invest in them. Try to reconnect with customers by giving them thought leadership content, like Bank of America’s Better Money Habits, this website offers various instructional videos on a range of financial topics from credit ratings to loans. Banks can also utilize giftvertising. TD Bank embarked on its “#TDThanksYou” campaign. For its annual customer appreciation day, the Toronto-based bank surprised focus group members with talking ATMs -- "Automated Thanking Machines" -- that dispensed personal gifts
