Quarterly Analyst Roundtable - (Way) Beyond PFM: Envisioning a New Relationship Between FIs and Consumers

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Banks, credit unions, and other financial service providers are facing the problem of a shrinking retail customer base and declining customer wealth. Technology exists to change the fortunes of individuals and institutions. Now the trick is putting it all together in the right combination. By using customer facing technology with back office analytics, financial institutions can become more profitable by helping their customers build wealth. Institutions can use the tools they have to identify customer wants, needs, and readiness for new products and educate their customers on how to use them. The financial institution providing the program would see a steady increase in profitability from the same customers because as their wealth increased, so would their use of the institution’s products and services. 

Expanding upon Mercator’s recent report The Six Million Dollar Customer: Using Technology to Build a Profitable Customer Base as well as other recent research on the power of analytics to move FIs toward a comprehensive omnichannel strategy, this quarter’s analyst roundtable will feature a discussion of this topic from three viewpoints:

• Ben Jackson, Director, Prepaid Advisory Service
• Tim Sloane, VP, Payments Innovation
• Ed O’Brien, Director, Banking Channels Advisory Service