The banking customer model is evolving rapidly, thanks to speed-of-light advances in technology and data capture capabilities. The Everyday Bank is poised to respond to the new, digital-era customer. But what does this customer look like?
To begin, digital customers do their research. They are more informed, more aware of price ranges and more price sensitive than buyers of the past. Some 64 percent of customers will go out of their way to find a similar product with a better price.
Their research is not limited to web-based searches. Today’s consumers are socially connected; they value product and service reviews from people they know. They are four times more likely to prefer online product ratings over advice from a store employee.
Today’s buyers not only seek reviews—they generate them. With Facebook averaging 2.5 billion content posts per day, it is clear customers like to share, whether they are discussing day-to-day activities or their product and service purchases.
Immediate gratification is a priority for today’s consumers. They don’t go far out of their way when making purchases; they want products and services delivered at times and places of their own choosing.
Keeping these customer facets in mind, the Everyday Bank can develop a digital village that appeals to today’s digital buyers, making their lives easier.