The Financial Brand – by Garret Reich
How often are financial marketers told to 'personalize' the customer experience? Or banking executives to shrink their branch network in order to cut costs? Findings from a massive consumer banking study could prompt financial institutions to reconsider doing either of these things. Two other key findings could have similar impact on strategies in the year ahead.
One of the striking findings from EPAM’s Consumer Banking Report 2021 is that despite all the new competition and all the digital uptake by consumers, traditional institutions in many respects still have the upper hand. The table below highlights some of these ongoing advantages. The biggest gap between traditional and upstart comes in the area of security, not surprisingly.
To learn where banks and credit unions should be making changes to keep customers happy, The Financial Brand checked in with EPAM’s Global Head of Banking and Wealth Management Panos Archondakis to explore the trends banks and credit unions need to concern themselves with in the year ahead.
To read the full article, click here.
To read the full Consumer Banking Report, click here.