Five steps to achieving the Amazon effect within financial services

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Digital disruption is a reality in the banking industry just like it is in other industries. From new competition to heightened customer expectations, banks are becoming increasingly vulnerable.  Therefore, banks must think in new and innovative ways, or risk becoming a mere back-office utility.

The facts is: the real cost to banks is “customers migration”; so how could a bank hold on to its customers?

Diebold Nixdorf’s Vice President & Head of Financial Services – UK&LAT, Matthew Phillips, wrote:

With Amazon, people can buy what they want, when they want. They can get it delivered at a time that suits them and can track their orders throughout the entire procurement process. This style of service has completely changed the way the retail world operates and is now having a knock-on effect on the financial services arena too. Why? Because companies like Amazon have raised the bar when it comes to service levels and re-set consumer expectations.  So, what can financial services organisations of today do about translating the so-called ‘Amazon effect’ to their offerings, to build and deliver effective digital services which ensure they are engaging and attracting consumers today and tomorrow?

Step 1: Build an effective and engaging digital platform

Step 2: Use data to deliver personalised value-added services

Step 3: Measure digital effectiveness

Step 4: Schedule regular project delivery reviews

Step 5: Adapt offerings

 

SOURCE:  

https://www.linkedin.com/pulse/five-steps-achieving-amazon-effect-within-financial-matthew-phillips/

https://www.crayondata.com/blog/9-inspiring-quotes-from-experts-shaping-the-future-of-banking/

 

       

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