The financial services landscape has fundamentally changed.
According to The Economist's 2016 retail banking report, 49% of banking executives say the traditional transaction/ branch based banking model will be dead by 2020.
Consumers increasingly expect highly contextual, personalized experiences across their connected devices. Banks and other financial service providers who can't deliver are under threat of extinction.
As non-traditional retail banking players, such as Amazon, Google and other tech giants who have developed intensely personalized customer interactions, start to infringe on the market entry, the urgency for this increases.
And most banks are not ready. In fact, fewer than 20% of bank executives feel prepared for the future. (PWC Retail Banking 2020)
70% of millennials are open to financial services from a company currently outside of the category. (Accenture's Banking Consumer Pulse: Banking Customer 2020)
In order to compete, banks must demonstrate customer behavioral and profile knowledge throughout the entire customer lifecycle and leverage that understanding to provide pitch perfect customer experiences at key points along the customer journey.
Existing marketing and IT infrastructure and processes have hindered banks from achieving this in the past, but the focus on impacting the customer journey in a meaningful way has become mission critical.
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