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Today there is a continuous stream of non-bank competitors pushing financial service commodities every time you do online searches or you simply watch TV- mortgages, car loans, e-accounts with high interest, etc. Also there are many general insurance options but in their case there is usually a traditional parent behind the scene. As the non-bank competitors continue to siphon off product opportunities their successes don't show up in industry market share statistics and probably go unnoticed by the banks with their multiple channels. In the end it is the consumer that controls the decisions as well as the research and comparisons. I am curious as to how many channel managers do searches similar to those done by their customers and then compare the value propositions which probably boil down to rate and fee comparisons. In other words are you a regular online mystery shoppers and do you actually validate what is engaging the consumers?

Many non-bank organizations have added financial services to their product lines and they have effective online channels/apps with more on the horizon. I do detect some complacency in the marketing environments of the banks which apparently focus on profitable

 relationships and are not trying to stem the disintermediation eroding their sandy shores.

Pat Palmer | Sunday, December 02, 2018 | Trackbacks (0) | Permalink

 


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