Today, 73% of consumers expect banks to understand their financial needs and respond with tailored products and services1. In parallel, 61% of banking executives recognize the rising tide of customer expectations2, but many find it challenging to meet the mandates of the changing environment.
Fortunately, composable banking is making it simpler for financial institutions of all sizes to improve customer acquisition and retention. Composable banking uses prebuilt, interchangeable building blocks and APIs, allowing financial institutions to create new capabilities and connected customer journeys, through third-party or custom integrations.
However, without the right design, financial institutions could ultimately deconstruct the customer experience and add more risk and fragility to the institution. The challenge is to create the right balance, embracing innovation without introducing too many points of failure.
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Sources:
1 The Connected Financial Services Report. Salesforce. Oct. 24, 2023.
2 New Banking Study Reveals Growth Benefits of Personalization, Innovation and Trust in Customer Experience, Genesys, Cision Pr Newswire, Nov. 10, 2022.