One of the topics on everyone’s mind today seems to be how to compete with the newest competitor – most are not traditional financial institutions! With many Americans worrying that they are not on track financially, people are searching for solutions.
We all dream of a better financial future in ways that are private, deeply emotional, and largely symbolic. Large numbers of Americans would pay for financial services that are not currently offered by financial institutions and a majority of customers might say they would be likely to open an account at a competing institution if the competitor offered these services.
Many people would like to see new and innovative services and consumers would prefer to pay their current financial institution to provide these services rather than make the switch to some other institution, fintech, or other provider. They want a financial institution that will go beyond facilitating transactions. They want help making smart financial decisions. They want constant reassurance they are on track, and they want proactive advice. They want help in understanding when and when not to use debt to reach their goals.
So, are you giving your customers what they want and need? Do you even know?