I Am The Master of My Universe
Technology advances and marketplace competitiveness have had profound psychological influences on you and me as individuals. You are in control of the banking relationship, and if the service provider’s offer doesn’t meet your expectations, you can walk away. You have an abundance of choices to select amongst, and you are better informed than you would have been a decade ago because of the proliferation of informational resources. You get better deals because service providers have to work harder to get your business and compete transparently against each other. You save money because banks’ margins have been squeezed through better delivery methods and more competition. And you get a better quality solution because data-mining technologies and rules engines have created products that meet your needs much more precisely than the one-size-fits-all solutions that you were restricted to previously.
So how do you feel about being a customer in this brave new world of banking? Chances are you are more motivated to plan for your future and feel better about yourself and your options than you would have been 20 years ago, facing more restrictive policies and services. You are happier and have more control over your financial destiny.
As a result, your expectations of your financial service providers have been elevated to the level where you now expect self-control, efficiency, and choice to characterize all of your interactions with your bank. These elements are not nice to have; they are essential components of every product and service. And you are more than prepared to penalize providers who don’t get the new power paradigm.
*reprinted from http://engagementbanking.sapient.com/