Digital-centric companies like Amazon and Uber have raised consumer expectations regarding the experiences companies provide. These expectations are even being placed on financial institutions. Here are 4 lessons the financial industry can learn from digital-centric companies:
- Be obsessed with consumer experiences – younger generations have come to expect companies to be focused on them and their needs. Financial institutions cannot afford to place a priority on their own needs at the expense of those of consumers.
- Make digital invisible – financial institutions need to concentrate on minimizing the effort required for consumers to do common tasks like making a payment, transferring money or even applying for a small loan. Digital and analog should also be seamlessly connected.
- Worry about what will change, but focus on what won’t – in 10 years, people will still need mortgages, small business loans, checking accounts, etc. Financial institutions need to keep those types of activities in mind when implementing ways to make interactions easier.
- Make data a driving force – financial institutions have a data-heavy relationship with consumers. This should be used to help consumers spend and investment more wisely.