As banks look to transform their digital strategies to better-engage customers, they must first answer one question: “Who should we be focusing on?”
Jacob Jegher, SVP Banking and Head of Strategy at Javelin Strategy & Research, is a big proponent of focusing on the self-employed and small business segments. With their already-massive volume, and the global shift towards independent work, focusing on this segment may be more than a strategic decision for banks—it could be make-or-break.
He states that digital banking has been a double-edged sword for the financial industry, allowing banks to be efficient, but also driving a rift between firms and their customers. People have become more comfortable sharing their financial life across several financial institutions––and that trend is most pronounced among the self-employed segment.
Watch this recorded webinar, hosted by American Banker, to gain insight into the banking behaviors of the self-employed, how the lines of business in banking are going to shift in coming years, and what financial institutions can do to remain digitally competitive.
Alternatively, you can download the PDF here.