Financial institutions and their business customers are increasingly at cross-purposes in the digital age. Business stakeholders have sky-high expectations from their banks because they’ve become accustomed to the instant goods and services they receive from tech giants like Amazon and Apple without the hassle of having to leave their homes or offices or to deal with archaic forms or processes. And they want that same level of seamless, friction-free service from their financial institution.
Banks, on the other hand, are still dealing with complex regulatory burdens and often antiquated and clunky legacy technology as they try to meet the evolving needs and demands of their business clients. They’re also fending off fintech startups and challenger banks that are aggressively going after their customers — 60% of new revenue growth is going to new entrants in the banking space.
It all makes for frustrations and tensions for banks and entrepreneurs alike. They’re miles apart when it comes to expectations versus deliverables. The rate of abandonment in the financial services industry can be as high as a staggering 75% as irritated would-be clients simply walk away when trying to fill out forms or sign up for financial products online.
It’s clear that banks and financial institutions are facing a profound threat to their very existence if they don’t figure out quickly how to retain and attract new customers with the type of frictionless service they’re demanding. Banks must close the expectation gap and give clients what they want when they want it, without anyone ever needing to get in the car and drive somewhere. Never before has the old adage “the customer is always right” been more true for the financial services industry.
Business banking clients are always right. And the time is now for banks to innovate, evolve and re-invent themselves to attract and hold onto them.
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