The volume of information in the world is increasing exponentially, and it is becoming difficult for consumers to analyze it all. For this reason, they are turning to mediator platforms to help them sort through it. For example, to find a hotel, consumers do not visit each hotel’s site individually, rather they turn to an online platform they trust to get price and review information. This is happening in other industries as well, including the financial services industry. For financial institutions, this is important as it means that, sooner rather than later, they will need to start working through platforms.
If financial institutions are to successfully engage consumers in this platform world, they need to rethink how they interact with consumers and focus on consumer experiences and expectations. This includes paying attention to how they communicate their messages as well as the depth of interaction they have with consumers. Modern consumers expect more than bland informational messages; they expect a financial institution to really know them and what they want. Financial institutions must gain and use data like never before to deliver services beyond what a consumer expects. They must leverage new technologies that provide greater insights and efficiencies to provide exceptional, high-quality interactions that give consumers the feeling of how important they are.