In the competitive financial landscape, customer relationship management for financial services is a pivotal strategy for sustainable growth and success. As your financial institution navigates the evolving needs and expectations of your clientele, the imperative to foster deeper connections with customers has never been more pronounced. Beyond transactions, cultivating robust and enduring relationships is essential for your marketing success. In this edition of Compound Interest, we’ll touch on five key factors driving the urgency for customer relationship management for financial services like yours.

There’s no denying that customer experience (CX) has looked very different in 2020. However, there’s still a question of how this strange year might affect expectations for CX moving forward.

Open banking is oftentimes perceived as a trend taking place in Europe but that is lacking adoption in the United States. The reality is that it is very much a part of the financial services landscape in the U.S., but its proliferation is driven by a different source than in Europe. Due to European regulators predicting a boom in open banking, the EU drafted PSD2 (Payment Services Directive 2) while the U.K. released their version known as OBI (Open Banking Implementation) in order to get in front of the phenomenon with regulations and guidelines.