The financial industry’s customer experience gains in 2015 and plans for 2016 are featured in a CMS Wire article by ChannelNet’s own CEO Paula Tompkins. The personal relationship advantage banks once had has eroded. Studies reveal 71 percent of American consumers now view their banking relationship as merely transactional.

The good news for lenders is that customers are — at least currently — sticking with their banks. In the article, Paula shares the finance industry trends she believes will breakout in 2016. Below is a summary. For more details, read the full story on CMSWire.com: “Will Banks Finally Deliver on Customer Experience in 2016?”

ChannelNet CEO & founder Paula Tompkins

1. Banks will make significant progress in moving away from their myopic focus on operations and back office systems to become more customer-centric.

2. Banks will restructure and increase outsourcing to move more quickly and improve their customer experience.

3. More banks will adopt agile processes.

4. Banks will do more cross-selling and up-selling.

5. Financial institutions will focus on relevant data.

Tompkins thinks the fight for finance customers is heating up. For the past few years, bankers have been sitting on the sidelines watching the fintech start-ups and nonbanks compete for their customers. Now banks are absorbing the fintechs and taking their responsibilities as fintech organizations more seriously.