In 2017, we began a study to understand better client loyalty in banking and the causes of stealth attrition. The findings were alarming, with only 4% of customers viewing their financial institution as a reputable source of financial advice, and many opting for online-only banks. According to a study we conducted on the state of banking in eight countries and 50 financial institutions, the shift to universal bankers has received little traction.
Why should we invest more in providing trustworthy financial advice? We projected that financial institutions, empowered by digital transformation initiatives, would need to catch up on what is driving their clients’ fundamental emotional needs. Customers in today’s troubled times go beyond transactional connections with their institutions. Customers want advice on continuing to prosper and develop in the face of rising interest rates and high living costs.
Held in Toronto, Canada, Customer Experience for Financial Services 2023, the conference is dedicated to financial brands and their potential to maximize the customer experience. The 4th annual conference featured over 5,000 financial service leaders from across North America, opening thousands to new, undiscovered opportunities to service customers more efficiently. Jean-Pierre Lacroix, President of SLD, spoke to financial executives from around North America at the conference on the importance of advice-driven services. Watch the full session below.