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Reinventing Financial Products: Improving the Customer Experience Isn’t Enough

Feb 6, 2019 12:30 pm

Track: Data-Driven Marketing

Banking pundits are obsessed with telling financial institutions how they must improve the customer experience (as if there’s just one) in order to succeed in today’s environment. While CX is important, here are two realities for most financial institutions:

  1. Improving the experience of a fundamentally flawed product is like installing an escalator on a horse buggy, and
  2. Most institutions don’t have the resources to keep up with the CX investments that the megabanks make.

The result: To succeed in today’s market, mid-sized FIs must reinvent deposit and lending products. This session with Cornerstone Advisors Director of Research, Ron Shevlin, will look at the product innovations changing consumer behavior and having real economic impact, and provide recommendations for how mid-size banks and credit unions can better compete by reinventing and redesigning existing and new financial products.