The banking industry today is challenged to meet customers’ expectations for seamless delivery of highly customized products and services. In response, banks have started moving away from their traditional sales pitch toward more customer-centric models, but transformation remains slow and generally limited to a few leading banks.
Banks that do not make this change risk being overlooked by customers. Today’s customers spend weeks or months researching financial products before making a purchase, so brands that fail to establish awareness early are often excluded from customers' final consideration.
Banks have more work to do toward connecting with customers early in their purchase journey, and toward delivering the right marketing message through the right channel at the right time and place.