How banks can drive digital footfall to their advantage paid googlecloud
They believe that in a time of artificially low interest rates that encourage consumers to feel dissatisfied with traditional banking products, the conditions are right to attract consumers toward new products that increase consumer deposits and provide cheap liquidity for investment banks.
What’s happening with consumer behavior and the future of consumer banking goes well beyond interest rates and liquidity concerns. In fact, such factors are small stakes compared to the bigger opportunities embedded in this consumer-centric shift: the ability for banks to leverage digital ecosystems and demand aggregation to interact with customers in new ways, and to offer banking wherever the customer desires, in whatever form the customer desires.
Whereas many people still carry around cash and credit cards in a wallet, many others, particularly millennials and other younger consumers, leverage digital apps and services as their primary mode of financial interaction. They might exchange money through Square’s Cash App or PayPal’s Venmo. They might purchase food via Grubhub, Uber Eats, or DoorDash, and they might pay for coffee using the Starbucks app.
These strategies are built on companies leveraging one another’s strengths to participate in richer, more compelling customer experiences. Consider how some airline mobile apps surface ride-hailing buttons as soon as the customer lands, letting them order a ride almost as soon as the plane has touched down on the tarmac. Think about how restaurant websites and apps increasingly include not only a menu, but also options to order food through various delivery services.
These synergies between companies, their APIs, and their user bases lead to demand-aggregation opportunities. For example, merchants plug into online marketplaces because the marketplaces aggregate demand for them; rather than making customers come to a store, the merchants go to where the customers are already gathered.
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