I was reading an interesting article about the changes occurring in the banking industry which stated that banking will have to completely change its vision of the business: the important thing will no longer be products or distribution channels, but the customer experience.
The problem is not what the branch offices look like, but the behavior of the consumer: bankers should be aware that customers are not going to return to the practice of making frequent visits to bank offices unless we take away their mobile phones. And that’s not going to happen. Banks need to view the digital customer experience as an asset akin to a physical branch and give it the appropriate funding, attention, and support it deserves. For most customers, it will be their first, and in many cases – only, interaction with the brand. When was the last time you went to a branch to do your banking?
The increasing importance of customer experience holds true, to varying degrees, for all industries. Customer experience today is what branding was for the last five decades.