
…ion and client service, rather than focusing on digital-only or face- to-face-only business models. In developed markets it is neither “online only” nor “face-to-face-only”: customer journeys need to enable seamless handovers across all channels: client-only, joint, advisor-only.
…e” risk to yield unsatisfactory and non-sustainable results. As McKinsey states in a recent study, “customers will switch if they’ve had a very poor experience, but they will not necessarily buy more even if they are highly satisfied. Simply trying to move customers from ‘unhappy’ to ‘okay’ to ‘great’ usually fails to lift revenues, due to diminishing returns.”
In a recent study, McKinsey & Inc. highlighted that the share of non-innovative IT spending differs significantly between incumbent banks and fintech companies: Banks allocate just 35% of IT budgets to innovation, while Fintechs spend more than 70%. In other words, the 65% of “non-innovative” IT spend need to be revisited.