FIs lack an emotional connection with customers, like other consumer brands. Most customers are not interested in banking products per se but in the outcomes. Often, customers also feel that their banks don’t know them, as the single customer view and contextual/personalized marketing is still not a reality for most institutions.
Goals and Objectives
Lifestyle banking aims to increase customer relevance beyond the narrow scope of traditional products. The high trust in banks can be the basis for the bank to transform into a trusted advisor, aggregator, and facilitator when it comes to customer’s financial needs and beyond. Comprehensive partnerships with other industries, such as retail, F&B, and travel are instrumental.
Connected core, digital banking platform, APIs, and cloud
Use Case Summary
Lifestyle banking refers to a more engaged and outcome-driven customer strategy for banks. Instead of traditional products, the bank is expanding into new business models becoming an advisor, facilitator, or aggregator of the customers’ financial needs and beyond.