Here’s where we are today.
After surveying 2,026 banking consumers and 168 lending strategy leaders, we found that success in capturing new consumer business and deepening existing relationships is determined by how well a financial institution is able to identify, understand, and respond to customers’ life milestones. We’ve always known this anecdotally, but now it’s abundantly clear.
Furthermore, there’s a growing gap between shifting consumer needs and traditional financial services. And this service gap has proven to be an opportunity for an increasing number of digital disruptors, all of which are cutting into the market share of established institutions — particularly those slow to adapt.
Our full report details the insights and recommendations that we believe you will find valuable. To help set the stage, here are a few key points to understand as you move deeper into milestone-based lending strategies.