DOCUMENT Strategy Fall 2022

Page 10

CUSTOMER-CENTRIC

BANKING FOR THE WIN Fintechs outcompete banks because they better personalize the customer’s experience

T

he key question millennials are asking about their relation with their banks is this: Does my bank know me? In other words, is it addressing all my wants and needs as well as providing service

10

fall.2022 DOCUMENTmedia.com

so personalized that it can predict and even exceed my expectations? Most millennials now consider such a personalized experience from a financial company to be as valuable as its products and services. A quarter of the US population comprise

this demographic, so incumbent banks lose big if they fail to “get” these people. Even if they do, millennials will bolt if they experience geriatric and sclerotic service. With a few keystrokes, they’ll switch — to a fintech.