Too often, companies look for differentiation in all the wrong places. Financial brands in particular are guilty of this.
The need B2C financial organizations to create excellent customer experiences has never been greater – yet it has never been a more difficult objective to achieve. As technologies change the nature of banking to an increasingly transactional model, the assumption is that they themselves now have fewer opportunities to differentiate themselves to customers.
Although it may be uncomfortable to hear, one of the biggest challenges facing the modern banking industry is a simple one — the lack of trust.
When it comes to winning customers, trust is one of the most important things that any industry or brand can have. And yet as recently as 2016, research showed that more than half of Americans have never trusted a financial institution enough to recommend it to friends and family.
If you’re struggling to obtain (and maintain) greater numbers of forum members for your fintech community, you’re not alone.
Any purchase of a financial product, and the costs associated with it (both in time and in finances), are what are known as “grudge purchases”. A grudge purchase is a purchase made out of some form of obligation, rather than a pursuit of pleasure or self-gratification.
All around the world, legacy banking institutions are struggling to differentiate themselves from their fintech competition. When asked why customers are flocking to alternative financial options in record numbers, the answer often boils down to a single word: convenience. Time and again, customers have made it clear that self-serve support is a critical factor in their calculations.