As More Americans Become Digital Natives, Financial Institutions Must Become Reacquainted with Consumers

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New Mercator Advisory Group research identifies the components of financial institutions’ ecosystem for effective customer interactions

Banks, credit unions, and other financial institutions (FIs) are increasingly feeling the effects of the sea change caused by innovations in information technology that have been rocking other industries. Close examination of how these changes are influencing customer expectations reveals the need to alter FI operations to engage with consumers who expect highly individualized service interactions customized to their needs and preferences. The good news is that this approach can be mutually beneficial to the customer and the FI.

Mercator Advisory Group’s latest research, FI Delivery Channel Ecosystem: Crafting a Customer Experience, provides a framework for analysis and insight on the complex and intersecting avenues for customer interaction in today’s banks and credit unions, which is the focus of Mercator’s new Customer Interaction Advisory Service. This service will undertake research to provide actionable insights on how best to help customers set objectives and achieve agreed outcomes. By reorienting the business to view each and every touchpoint as an influential contribution to the relationship between the two parties, FIs will be better able to deepen and perpetuate customer relationships and drive profitability. This shift represents an opportunity for consumers and financial institutions alike.

“The role FIs play in a consumer’s day-to-day life is undergoing a profound reimagining as fintech and personal access to information become ubiquitous,” commented Joseph Walent, Associate Director, Customer Interaction Advisory Service and author of the research note. “In times of such change, it is worthwhile to stop to evaluate the landscape and establish a common language to promote the clear and efficient communication of ideas. This research note is a step in that direction.”

Highlights of the research note include:

  • The increasing importance of customer engagement for banks, credit unions, and other financial institutions
  • The ways in which consumers and initiate and search for information and undertake actions with financial institutions
  • The components of customer interaction in financial institutions outlined in framework for Mercator’s expansion of subject matter that will investigated by the Customer Interaction Advisory Service

This research note contains 8 pages and 2 exhibits.

Members of Mercator Advisory Group’s Customer Interaction Advisory Service have access to these reports as well as the upcoming research for the year ahead, presentations, analyst access, and other membership benefits.

For more information and media inquiries, please call Mercator Advisory Group's main line: (781) 419-1700, send email to media(at)mercatoradvisorygroup(dot)com.

For free industry news, opinions, research, company information and more visit us at http://www.PaymentsJournal.com.

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About Mercator Advisory Group
Mercator Advisory Group is the leading independent research and advisory services firm exclusively focused on the payments and banking industries. We deliver pragmatic and timely research and advice designed to help our clients uncover the most lucrative opportunities to maximize revenue growth and contain costs. Our clients range from the world's largest payment issuers, acquirers, processors, merchants and associations to leading technology providers and investors. Mercator Advisory Group is also the publisher of the online payments and banking news and information portal PaymentsJournal.com.

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Karen Yetter
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