Deploying a holistic consumer-centric strategy to achieve a competitive advantage

Early industry definitions of ‘digital’ narrowly focused on self-service fulfillment as a standalone channel. While this solved a tactical need, it assumed a banker-centric point-of-view based on what the institution wanted to sell rather than focusing on customer needs. Strategic definitions place digital as a competitive differentiator, engaging consumers early in the customer journey: detecting needs, advising on financial planning, servicing customers in their channel and time of choice, and ensuring satisfaction to drive future relationship growth.