Banks need to meet customers where they are at, which today means social media. Personalisation, accessible solutions and relevance are key to reaching Millennial and Gen Z consumers, and banks must amend their strategies to serve these generations of bankers. By aligning their goals with those of social media, banks can stay in the loop.
Banks exist to securely enable customers to conduct their financial affairs, but this requires changes in practices as customers change. While serving older customers who are comfortable with tried-and-true methods, legacy banks are being confronted with young clients who prefer to transact via their smartphones. In our fluid, tech-driven society, providing omnichannel solutions that meet customer expectations without compromising security is crucial for all banks competing in the “new norm”.
Research is confirming what we all knew—digital and especially mobile are winning as the banking platforms of choice, especially among young consumers. Banks who are banking on future success will go to where their customers are, even if this means undertaking some challenging transformations.