Incumbent lenders and traditional financial institutions are NOT on the verge of mass extinction. For financial institutions to succeed in today’s consumer lending marketplace, the answer is mass adaptation.
Financial institutions have to assemble the best differentiated offer in the most appealing way if they want to be selected amid all those options. Getting there, however, starts with applying these nine principles.
When evaluating the above questions, it’s important to ask if your offers are both timely and targeting the right individuals. Ultimately financial institutions need to leverage technology to meet consumer expectations as well as their own profitability goals. Those who rely on traditional methods may be left behind by the competition.