No one can blame banks for being confused as they struggle to meet bottom-line targets.
After all, their overall strategy is as fundamentally sound as it always has been — interact with customers in a way that drives revenue and profits. The problem is what that looks like has changed faster than banks have been able to adapt.
Traditionally, profitable customer interactions came from decreasing the cost of interactions with the bank, even if it harmed customer experience. But in a world where banking services are increasingly commoditized, banks must differentiate their customer experience to remain competitive.