Banks have been feeling the pressure since 2009 from increasingly aggressive regulators, but in the past couple of years, they have been feeling it from equally aggressive customers. Everything about the traditional banking model is being called into question, and indeed the very relevance of banks today is up for grabs. Banks have an opportunity to reassert their place in the financial services ecosystem, but only if they move decisively.
Banks today are motivated in many ways to do more for their customers and learn more from them. They seek ways to improve their product and service offerings to an evolving customer base, whether mandated by increasingly intolerant regulators that guard against customer misdeeds, increased competition from other banks that are improving their operations, or from other financial services providers offering their own innovations.
In part two of ALM Intelligence’s two-part research on Consulting to the Banking Industry: Managing the Customer, we examine how consulting firms are helping banks get better mileage out of their relationships with customers by understanding their customers and their needs and how to reorganize themselves to meet those needs.