As we enter a new decade, the 'big techs' continue to make forays into the consumer banking space. On the heels of Apple's launch of its first credit card, Google recently announced that it would offer smart checking accounts in early 2020. And Facebook announced hopes to launch its Libra cryptocurrency in 2020. Meanwhile, from payments to lending to insurance to checking accounts, Amazon continues to attack financial services from every angle.
What is it that gives tech giants permission to compete for consumer banking wallet share? In part, it has to do with the fact that they're very good at offering a superior customer experience (CX).
So, what does this mean for banks? As Genpact's recent research report, banking in the age of instinct, reveals, it means that banks will need to step up their game to compete with Amazon and others on customer experience while also offering something deeper, be it through relationships and service, boosting businesses and communities, or even taking a stand on global issues to create trust.
To compete with big techs on customer experience, banks must immediately employ three strategies that bring together art and science: