While the 2008 financial crisis was a painful experience for many financial institutions, it also led to the emergence of social networks, digital product information, and new offerings from non-traditional financial services firms. All of these have given consumers new methods of managing their personal finances. As a result of these rapid innovations in digital technologies, today’s customers have higher expectations of their financial institution. They now value an experience that’s tailored to their needs, one that helps them more easily manage both their short-term and long-term financial picture. But while financial institutions strive to meet these new expectations, they continue to battle high costs and subdued revenue.
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