It’s no secret that consumers value convenience. In today’s world you can get a month’s supply of groceries, pick up your prescription and contact lenses, have your oil changed and arrange to have dinner dashed to your doorstep without even leaving your car.
In an ever-changing landscape where consumers are king and there is no shortage of options, it’s not enough for financial institutions to facilitate transactions and hope for the best.
Competition within the Financial Services Industry has always been fierce, and for decades, the main contenders were other branches. While local, on-the-ground financial institutions are still in the competitive line-up, the field has broadened to include fintechs increasingly handling lending, cloud-based offerings, in-app payment alternatives, and more.
To remain competitive, you have to identify what you do better than others and seek out every opportunity to communicate and invest in those differentiators. It requires a multi-faceted, long-term approach, but it’s worth it. Here’s why: