Heads up banks: Amazon is now your competition

For years, banks have felt pressure to upgrade their customer experiences to match those of modern companies like Amazon, Venmo and Uber — with 73 percent of U.S. millennials saying they’d be more excited by a new financial feature from a company like Amazon or Google than from their bank.

 

Meeting this challenge is difficult, however, because banks are traditional and purposefully built to be stable. Most were created long before the digital shift that occurred in the last decade, so they’re playing catch up to digitally native companies. Still, banks are aware that customer expectations are changing thanks to the superior customer experiences offered by those companies that deliver a cohesive customer journey across digital space. […]

 

Published on November 30th – https://www.retailcustomerexperience.com/blogs/heads-up-banks-amazon-is-now-your-competition/