In a world defined by constant change, the real threat to banks isn’t political turnover or market uncertainty, it’s inertia. While leaders wait to see what’s next, their customers are already moving on.
Most customers won’t tell you they’re dissatisfied. They just quietly shift their financial activity elsewhere, either to a fintech for a better budgeting tool, a neobank for faster payments, or a big tech wallet for more convenience. The average consumer now has relationships with at least five financial institutions, and it’s growing every year.
Standing still is not a risk-free strategy. It’s how you lose primary status without even realizing it.
Here’s how banks can stay top of mind and at the center of their customers’ financial lives.
Katie Quilligan