The Banking Experience Reimagined

Banking customers are re-examining their relationship with money, their financial resilience and their relationships with institutions after a year in which global events massively accelerated change and shifted customer expectations and habits.

Today, businesses, society and individuals need banks to step forward as full partners and align purpose with profit. This presents banks with an opportunity to emerge from a global crisis as heroes, or at least valued partners—a far cry from their personas during the 2008 global recession.

Momentum for change has been building for years, but the conditions are now perfect for an ambitious and fundamental rewriting of old rules. Banks’ compass for success should orient around how their customers and employees are experiencing their brand.

Now is the time for us to step up and reimagine the banking experience. This requires organizing the whole business around the delivery of exceptional experiences, which is what we call the Business of Experience. It entails the rewiring of the customer-facing functions of the organization: marketing, commerce, sales and service. The Business of Experience is an approach that allows organizations to become customer-obsessed and to reignite growth.​

Here, we identify four opportunity areas for reinventing the banking experience. Each is significant and important. Combined, they represent a reimagination of banking as we know it.​

Read more here.