To stand out in a world of commoditized banking services, financial institutions need to stretch beyond a focus on selling the next product or service and position themselves as trusted partners on their customers’ most important financial journeys: building an emergency fund, harnessing debt, preparing for retirement, and managing cash flow. Differentiation lies in being at the forefront of customers’ strides toward financial fitness. This Javelin Strategy & Research report looks at what has historically been a weak area for financial institutions and outlines steps that can be taken now, as well as longer-term objectives, to shore up gaps in how these institutions gather and deploy data and deliver useful, actionable advice to customers. The result can be a deep, fruitful relationship that puts the FI at the center of the most important decisions and moves customers make in their financial lives.
Key questions discussed in this report:
- Where should FIs and vendors start with financial fitness?
- What delivery challenges are holding back progress in digital financial fitness?
- What are the biggest blind spots preventing FIs from fully understanding their customers and personalizing their digital experiences?
- How can FIs and vendors overcome the hurdles impeding personalization and advice?
- How can FIs and vendors make progress in financial fitness using today’s digital banking toolbox?
- What must FIs and vendors do to elevate experiences from “do it yourself” to “do it for me”?
Ally Bank, American Express, Array, Bank of America, Chase, Empower Retirement, Fidelity, Fifth Third, M&T, MX, Personal Capital, PNC, QCash, Regions, Santander, SavvyMoney, U.S. Bank, Wells Fargo
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