The customer experience must rely on the foundation of every financial institution!

Since the economic crisis in 2008, the financial services industry has suffered, traditional banks being the most affected.  The relationship between banks and customers has eroded over time, not to mention that millennials are considering to abandon them in favor of tech companies like Google or Paypal.

It is said that nowadays, the behavior of the customers is way too unpredictable but in fact, what customers want, is to seek out new ways of connecting, engaging, interacting and experimenting with the emerging technologies whose capabilities or penetration are not yet fully realized.

The empowered customer adopts quickly and easily new technologies which make banks harder to count on traditional structures in order to engage with their clients. It has become difficult also in terms of perception as the banks have been constantly accused of treating their clients as numbers rather than people. This issue influences the customer of today who will try to seek out financial information or advice from the ones he or she trusts the most. Therefore, the personal networks are quickly replacing the financial professionals as trusted advisors.

Looking for a more intimate connection that no longer can be made by a branch, is something that needs to be maintained in the financial services industry over the long-term and this can be achieved by fintech companies in grasping opportunities to redesign and re-create every aspect of the customer experience.

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