All Banks Are the Same
At least, that’s what your customers think. The banking industry is suffering from a lack of differentiation. Most banks offer similar products and services, similar web site designs and mobile functionalities, similar branding, and similar messaging.
At the same time, banks are contending with both an aging customer base and competition from non-traditional services that are attracting digital natives, who are comfortable with conducting their financial transactions online. In fact, 33% of millennials think they won’t even need a bank in five years.
- Does your company have a plan to respond to disruptive technologies?
- Do your customers know what differentiates your bank?
- Do you know how to acquire new customers and increase share of wallet through your digital assets?
- Are you trying to attract a younger customer base?
The Solution: A Customer Centered Digital Strategy
The key to navigating these rapid shifts is a digital strategy that starts with the customer and leverages innovation and data to create value. In an increasingly commoditized market, customer-driven digital solutions will give banks a key differentiator. By embracing a robust digital strategy, banks can fend off new competitors seeking to disrupt the industry.
Proven Methodology & Expertise
West Monroe has a proven methodology—over the course of a month our team partners with clients to develop a digital banking strategy, using an ‘outside-in’ approach that evaluates current performance against the competition and focuses on the customer perspective. This process is based on the firm’s blend of industry knowledge and customer experience credentials.
West Monroe has an impressive roster of bank and credit union clients and a strong, informed perspective on the industry, coupled with the experience developing and executing on a full breadth of digital customer experience strategies. Our industry knowledge and past experience grants us the foresight to identify risks from both a business and technology perspective, and the confidence to implement forward-thinking initiatives efficiently. We have a proven ability to be fluid and creative despite internal process and regulatory constraints, and we can mobilize quickly to turn customer insights into design considerations.
Status quo is a sinking ship in the sea of sameness, but we can help you build a lifeboat.