For decades, customer acquisition and onboarding have been the primary focus of banks’ investments.
This made perfect sense. Competition for prime banking customers was fierce, and banks spent a lot of money trying to capture their business. When fintech came on the scene, banks rightly concluded that investments in digital account opening were critical for fending off these new competitors and maintaining their market share, especially with Millennial and Gen Z customers.
It made perfect sense … until it didn’t.
The nature of competition in financial services has changed. The digitization of banking products, the emergence of lead aggregators, and, most importantly, open banking have made it easier for bank customers to shop around and to switch financial service providers than it has ever been.
Today, the biggest challenge facing banks isn’t how to acquire new customers. It’s how to retain the valuable customers that they already have.
In this webinar, Alex Johnson (Founder, Fintech Takes) and Kathy Mitchell-Stares (EVP North America, Provenir) will:
- Explain why customer management has traditionally been underinvested in by banks and the implications of this underinvestment in today’s financial services ecosystem.
- Explore how open banking and other fintech innovations have fundamentally altered the competitive dynamics within financial services and placed a premium on customer retention.
- Provide actionable advice for how banks can improve their customer management decisions and business processes in order to strengthen their most important customer relationships and turn customer retention into a superpower.