Our best experiences have become our everyday expectations. Consumers no longer compare a company solely to its closest competitors, but rather to whoever sets the highest standard for the best experience. Consumers crave quality, convenience and more intuitive, personalized experiences. Consumers want the organizations and institutions they interact with to know them, value them, make it easy for them - and, in times of heightened anxiety, such as a pandemic, to provide services that will protect them.1
When basic needs are not met by a primary financial institution, consumers have demonstrated a willingness to make alternative choices. This explains the growth that can be seen with neo-banks, digital banks, and products from non-traditional providers such as the Apple Card and a Google checking account. Winning the battle for ever-evolving consumers requires a combination of deep, holistic, insights, and the willingness to design and deliver exceptional experiences.1
Using the broad scope of customer data available to them, FIs can develop product strategies that better meet consumer needs, deepen their understanding of a consumer’s complete financial picture, assess consumers' activity with competing institutions, and ultimately, recapture a larger portion of wallet share.