In the digital age, customers build trust in their financial institution based on security, user experience, degree of customer control, use of data, and openness. It is in these areas that banks need to make choices now that will help them maintain their role as their customers’ financial provider of choice and build relationships beyond that.
Banks are in a good position to build digital trust, but they need a clear plan going forward that involves, in part, a coordinated industry effort. Now is the time for financial institutions to solidify their role in the new economy.
Building on the strong trust they already enjoy, they now have the opportunity to successfully transition into the digital economy, maintain their role as their customers’ prime partner for financial well-being and claim a new role beyond that in a digital transaction ecosystem.