The challenge for banks in their current state is to face the implications of a digital change. As technology increases at exponential rates, banks will be at a disadvantage trying to react “in the moment” to new competitors and features. This will disrupt the customer relationship and inevitably decrease banks wallet share.
Banks need to look beyond the immediate changes and view the ‘bigger picture’.
They will need to understand what digital engagement means to the banks and its customers at all generational levels. Banks will need to understand how digital engages their customers and build a comprehensive digital strategy that will deliver their message and build brand loyalty and trust. For the purpose of our case, we will look primarily at the Baby Boomer demographic (ages 52 – 72), as they represent the largest challenge due to skepticism of the digital revolution.