Growth In A Customer-Led Market (Forrester)

2017 and 2018 CX Index results show that banks are 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 specializing in specific high-value experiences and commerce platforms optimized for customer engagement 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.


Remake human connections through their life stages as a growth strategy.

Lifestyle And Life Stages

Customers will reward those banks that connect to their lives and life stages in personal and meaningful ways. That widens the aperture for what banking can be in your customers’ lives and broadens both the competitive landscape and field of opportunities. Mobile banking took steps in this direction — the next step is to become a bigger part of the customer’s life to make banking front of mind as opposed to a convenient, uninspiring transaction.


Customers remain a wildcard. They have proven to be restless, willing to experiment, and intolerant of stale experiences. They form their expectations from the last best experience they had in any market. Fintech providers are purpose-built to serve customer pain points and ambitions; commerce platforms are increasingly part of the day-to-day conversation with customers. Knowing — really knowing — your existing and future customers is a strategic building block to compete and win in a customer-led market.

Customer Experience

Customer experience will be the ultimate battleground. The firm that imagines, designs, and delivers experiences that meld banking with lifestyle will be heavily advantaged. This is about harmonizing physical and digital operations and using existing physical space as a strategic asset. It’s also about following early signals that customers may be more trusting and reliant on intelligent agents. Imagining broader, bolder experiences that leverage the inherent advantages of data and scale can become a strategic weapon in a dynamic, hostile market.


The days of castles and moats are over, replaced by ecosystems that reflect the broad journeys of customers’ financial decisions and actions in an open banking environment. Payments can become the invisible valuable, melting into the background of commerce experiences that are as much about overcoming the walled gardens’ rewards systems as they are about trust and reliability. Tomorrow’s ecosystems need to be heavily orchestrated and translate data to currency. Ecosystems are hard to build and harder to make work — especially since hunger for partnerships can create short-lived, hollow value that steals capacity more than it delivers financials.