You Need to Understand Everyday Lives of Your Clients, Banker!
“Customer dis-intermediation is one of the biggest challenges that a retail bank must contend with when it comes to retaining its central standing as the number one go-to provider of financial services.” – Bragi Fjalldal, CMO & VP, Meniga 1)Banking Technology: “The race to meaningfully engage with customers is on“ We are living fascinating times in the world of financial services industry and institutions. As the late, great business professor C. K. Prahalad and his collaborator Venkat Ramaswamy pointed out in their magnificent book The Future of Competition: Co-Creating Unique Value With Customers (2004), the role of the consumer is rapidly changing, and consequently the traditional mindset of company-centric value creation (and goods-dominant logic) is disintegrating before our very eyes. Prahalad and Ramaswamy argue that we are now witnessing the emergence of “the informed, networked, and active consumer, combined with the convergence of technologies and industries. Driven by these two forces, the consumer is increasingly…