Product Differentiation Disappears, It's Time For Personalized Engagement

Gone are the days when banks and credit unions could compete on product or price. Today, the best way to differentiate a brand is through hyper-personalized financial recommendations driven by data and advanced decision tools. Subscribe to The Financial Brand via email for FREE!According to the WSJ, the number of branches in the U.S. are declining at the fastest pace on record. Although that may be understandable given a shifting preference for digital banking, this is coupled with findings by J.D. Power that fully digital bank customers are the least satisfied – even Millennials. Is this because digital banking apps are poorly designed or because digital banking consumers are more demanding … or both?