banking industry

Banking

The banking industry is opening up — literally. Whether through regulation or market forces, open banking is now a reality. Banks face many challenges: declining customer loyalty, an emergent fintech class, and commerce platforms that continue to inch toward providing financial services. The tried-and-true banking business model is fracturing, and strategic decisions loom.

banking industry

Banking Solutions

The Future Of Digital Banking

Traditional competitive and industry lines are fading into the background as fintech providers and commerce platforms offer a greater array of banking services. Fintech represents both risk and opportunity: the risk that fintech providers will poach margin-rich or relationship-oriented business and the opportunity to partner with or buy those companies that have a more natural mindset to innovate. Like any startup community, the fintech market can be volatile. Some will evolve gracefully, some will crash, some will soar, and some will be acquired and be a new strategic threat to you. On the other hand, commerce platforms can scale — rapidly. You will need to be digitally astute and nimble to win in a market that is often digital-first.

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Growth In A Customer-Led Market

2017 and 2018 CX Index results show that the banking industry is struggling to create and maintain a human connection with customers. If customer loyalty is an economic engine, that engine is sputtering. This erosion of loyalty is happening while fintech providers and commerce platforms move more aggressively into banking services. Banks need to embrace open banking, unleashing the power of data and scale. But job No. 1 is to rebuild the relationship with customers.

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A Call To Action For Marketers

Marketers have eroded customers’ trust in their quest to know them better. What’s the best path forward?

A Call To Action For Marketers

Banking Insights

VIDEO

Apple Card Will Be Popular — Here’s Why

Apple Card has the right mix of benefits to entice consumers. Learn why.
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BLOG

How 100-Year-Old Firms Stay Relevant

Legacy firms can be leaders, as a recent Forrester Leadership Boards meeting illustrates. Discover how U.S. Bank is investing to maintain its market leadership.
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Our Banking Team

Zhi Ying Barry

Zhi-Ying Barry

Senior Analyst

Jacob Morgan

Senior Analyst

Huard Smith

Vice President, Principal Consultant

Sustained Growth Depends On Loyalty — Get The Guide

Forrester’s CX Index results show a bleak outlook: Customers see the utility that many brands have to offer, but most don’t feel rewarded for their loyalty.

Download our complimentary guide to understand what the CX Index results reveal about how well you are connecting with customers.

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