Retail banking is undergoing a fundamental shift driven by significant changes in consumer behavior. Banks must change their focus from a transaction-focused model to a value-driven one in which the consumer’s value is found in the context of the whole and not the sum of its parts. This requires a broad approach that expands the metrics used to define success and creates multiplier affects. FIs need to broaden the customer view to identify opportunities for new products, better services, and stronger relationships. This requires looking beyond the immediate need and seeing the customer in the context of their financial life and long-term value.
This report introduces the Datos Insights’ Holistic Engagement Value Banking Model. It is an approach that looks beyond traditional financial metrics to evaluate and create value through comprehensive customer relationships. It leverages insight from Datos Insights’ latest annual survey on consumer financial behavior conducted in Q1 2024 among 4,634 consumers in the U.S., Canada, and the U.K.
Clients of Datos Insights’ Retail Banking & Payments service can download this report.
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