5 Experience Predictions for Retail in 2019
In the retail industry, one that’s known for its ability to continually reinvent itself and find new ways to connect with consumers, the huge shift in consumer behavior from physical...
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As “going digital” becomes a higher priority in the financial services world, retail banks are putting particular attention towards adapting existing offerings to digital channels.
This focus can be something of a double-edged sword.
The advantage is that these digital offerings meet two customer expectations that are affecting companies in every industry: frictionless experiences, and the ability to access a variety of services through multiple channels.
The challenge: as important is these offerings are, they rarely constitute a sustainable competitive advantage on their own.
Mobile check deposits offer an example of this difficulty. USAA in 2009 was the first retail bank to offer check deposits through its mobile app. Within one year, other major banks were following suit, and it wasn’t long before every major bank in the country all offered the service. Now, with mobile banking usage growing every year, a banking app without built-in check deposits is an obvious gap.
Other digital upgrades have followed similar trajectories. Earlier this year, Chase, Bank of America and Citibank all added fingerprint logins to their mobile apps within several months of each other. Some major banks have even released offerings like Kindle Fire apps and iPad apps during the same week.
In short: it doesn’t take long for individual digital upgrades to go from innovative to table stakes.
So what steps can a retail bank take to truly distinguish itself in the digital era?
To start, it’s important for retail banks to think more holistically about the experiences they deliver to customers. Rather than merely bringing traditional services online, banks need to think differently about how well they are meeting customer needs over the course of entire journeys. They also must reconsider basic assumptions about how consumers use and think about money, and use this fresh perspective to develop new ways of supporting customers’ financial lives.
This Tuesday, November 17th, at 9 am PT / 12 pm ET / 5 pm GMT, you have a chance to engage with an expert who can help you start down this road. We’d like to invite you to join special guest Mark Schofield, a partner in Bain & Company’s Financial Services practice, for an exploration of how to build and deliver the experiences that will mark the latest wave of retail banking innovation.
Follow this link to save your spot!