We spoke with Grant Parry, president of Connect Financial Software Solutions about who financial institutions' newest competitors are and how to stay competitive. His message coincides with Accenture's 2014 survey "The Digital Disruption in Banking," that found that 72% of millennials "would be likely to bank with at least one non-financial services company." As a result they recommend that financial institutions take these three actions:
- Become truly omnichannel by seamlessly integrating the customer experience across in- branch, assisted, and digital interactions
- Extend the ecosystem by offering a greater range of services for their customers
- Offer digital personalized financial advice and counseling to their customers to help them better manage their financial needs
This MoneyMinute is the fourth video in our ongoing series where we hear insights, reactions and ideas from industry experts and thought leaders. Check out past videos on our YouTube channel and let us know if there is anyone specific you'd like to hear from.