banking industry

Banking

The banking industry is opening up — literally. Whether through regulation or market forces, open banking is now a reality. Banks face many challenges: declining customer loyalty, an emergent fintech class, and commerce platforms that continue to inch toward providing financial services. The tried-and-true banking business model is fracturing, and strategic decisions loom.

Banking Solutions

The Future Of Digital Banking

Traditional competitive and industry lines are fading into the background as fintech providers and commerce platforms offer a greater array of banking services. Fintech represents both risk and opportunity: the risk that fintech providers will poach margin-rich or relationship-oriented business and the opportunity to partner with or buy those companies that have a more natural mindset to innovate. Like any startup community, the fintech market can be volatile. Some will evolve gracefully, some will crash, some will soar, and some will be acquired and be a new strategic threat to you. On the other hand, commerce platforms can scale — rapidly. You will need to be digitally astute and nimble to win in a market that is often digital-first.

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Growth In A Customer-Led Market

2017 and 2018 CX Index results show that the banking industry is struggling to create and maintain a human connection with customers. If customer loyalty is an economic engine, that engine is sputtering. This erosion of loyalty is happening while fintech providers and commerce platforms move more aggressively into banking services. Banks need to embrace open banking, unleashing the power of data and scale. But job No. 1 is to rebuild the relationship with customers.

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Lackluster CX & The Risk For Banks

2018 CX Index results show banking CX is stagnating.

Lackluster CX & The Risk For Banks

Banking Insights

PODCAST

A Seat At The Table: How CX Leader Navy Federal Builds A Culture Of Member Obsession

For three years running, Navy Federal Credit Union has been the top-ranked multichannel bank in Forrester’s CX Index. In this podcast episode, Navy Federal’s SVP Pam Piligian explains the customer experience strategy that drives the bank’s member obsession.

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Building A Culture Of Innovation

Lloyds, Atom, and IBM have announced partnerships with fintech startup Thought Machine. Are core banking systems of the verge of disruption? Our take: Not so fast. There are still crucial complications.

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Our Banking Team

Benjamin Ensor

Benjamin Ensor

VP, Research Director

Peter Wannemacher

Principal Analyst

Aurelie L'Hostis

Senior Analyst

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