Making customer experience consistently good is a priority, but it's not enough. Great experiences in the future will be tailored to individual needs and preferences.
The spotlight on unethical sales practices at banks has likely led customers to consider abandoning their financial institution, yet too many factors stand in the way of making a switch.
The intense focus on sales cultures can be frustrating, but it also presents an opportunity for everyone within a bank to get on the same page about what the institution stands for and is trying to accomplish.
As the Wells Fargo story has played out, pundits have been quick to blame "sales culture" for improper behavior, but that's like blaming automobiles for reckless drivers.
Within five years, a dramatic transformation of the mortgage market will force firms to expand product menus beyond mortgages to develop stronger relationships with their customers.
The biggest change in banking in the last 60 years is the shift in balance sheets from business lending to real estate finance and therefore more risk tied to volatile real estate prices.
Credit scores are useful in predicting the likelihood of whether someone will repay a loan. However, banks and others need to provide customers with another number that more accurately assesses their financial health.
The Consumer Financial Protection Bureau should have looked more closely at states like Colorado that protect consumers from true predatory lenders while still preserving access to credit.
