A great customer experience alone will not deter customers from joining fintech companies. Banks must use data to build an emotional relationship with their customers based on the customers’ desired outcomes.
A great customer experience is essential, but it won’t be enough if there is no emotional connection between the customer and their bank. The bond doesn’t come from a catchy slogan, but from using data to move from product-focused to creating better financial outcomes for consumers.
Most financial institutions still compete primarily on their products and prices. Instead of competing on who can offer the best services to consumers when it comes to saving for a home, investing wisely for the future, or creating a sustainable budget, they should all work together to help consumers achieve these objectives. These are the financial outcomes that can have a real impact on consumers’ lives and change their financial situation. Banks and credit unions use a lot of technology to keep track of their customers, but many of them don’t provide a complete picture of a person’s finances. This makes it harder for customers to leave the bank or credit union.
Many consumers are not fully aware of their financial situation and how they can improve it. The fact that people are having to access their finances from multiple providers creates added stress and risk. Barratt firmly believes that financial services have a moral obligation to make the world a better place. Barratt is a vocal advocate for financial inclusion and believes that financial institutions can help consumers while also being profitable.
