Digital customer experience in banking: 2020 outlook - Fintech News

Historically, banks focused on providing a trusted service to customers and relied on messaging and reputation for this trust to gain market share and build sustained customer loyalty. The equation here was simple: trust equals loyalty equals customer lifetime value (CLV). In the world of Bank 1.0, trust was established by the fact that banking activities were carried out purely in a physical world. Customers would visit branches to physically deposit and withdraw funds, request a loan or discuss financial needs. The explosive growth of digital technologies has changed this dramatically – it's more complex and far more competitive.