For centuries, banks demonstrated expertise in keeping, lending and saving money. In return, customers followed a bank’s regulations. This included how banks stipulated interest rates for lending, identified creditworthy cohorts and facilitated banking transactions.
Fast-forward to 2020, and banks are now viewed under the same lens as customer-facing organizations like movie theatres, restaurants and hotels. Well, OK — that may be a bit of an exaggeration. But my point is that advanced technology, customer demand and fintech disruptions have all dramatically changed what constitutes banking and how digital customers expect it to be.
Today, customers want to be met, courted and fulfilled through any organisation that wants to establish a relationship with them. They also expect to be consulted, spoken to and befriended in times, places and situations of their choice.
