4 lessons financial institutions can learn from digital-centric companies

Tags BigTech Customer Experience Digital Transformation

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:

1. 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.
2. 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.
3. 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.
4. 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. 

Source: www.businessinsider.com