Financial services institutions grapple with low consumer trust, heavy regulation, and the arrival of digital-only competitors -- the FinTech threat -- all while consumers are quickly changing the way they relate to and interact with their banks. A PWC 2017 Digital Banking survey found that 46% of customers skipped bank branches altogether, relying instead on smartphones, tablets, and other online applications.
Apps, social channels, and self-service banking are all part of a solid digital strategy to address this, but truly innovative institutions are going steps beyond -- harnessing the power of online communities to drive retention, crowdsource product innovation, and foster peer-to-peer customer education and support.
For more than a decade, Lithium has been helping financial services firms harness the power of digital customer experiences through community and social customer support to drive retention, improve loyalty, and increase sales. In this guide we package key resources to help you:
- Understand the true nature of the FinTech threat
- Learn how to navigate extreme customer expectations
- Hear how financial services firms are harnessing the power of community to stay relevant and competitive