Life banking: How to become trusted advisers for holistic financial health

Abstract

Ninety per cent of financial customers feel that their relationship with their financial institutions (FIs) is based solely on simple transactional activities, such as making a deposit or withdrawing money. Today’s digitally minded customers, however, expect tailored, seamless and secure user experiences that excite and delight, such as those provided by leading brands like Google, Apple, Facebook and Amazon. FIs must cater to the elevated standards for user experience and take advantage of how people share, consume and exchange data every day. FIs must reinvent themselves in order to stay relevant and keep up with the customers’ expectations for how to spend, save, borrow and plan their financial future in the digital economy. With nearly 57 per cent of US consumers identified as financially unhealthy, FIs have the opportunity to take on the role of trusted advisers for holistic financial health. This paper identifies three different directions for FIs t execute a ‘playing to win’ strategy: becoming an all-inclusive destination of customers’ financial needs, providing financial solutions embedded into the dominant digital destinations of their customers and enabling a financial marketplace. To win, FIs must provide superior experiences and personalised services that help customers get the most out of their money.