How Banks Create Sustainable Differentiation With Milestone-Based Lending
Financial institutions (FIs) have long enjoyed being the essential engines of our economy — reaping rewards as they help customers navigate life’s achievements, aspirations, and adversities. However, this traditional role has started to come under pressure from the impact of customers’ increasing range of options and a growing base of digital disruptors in the financial services industry.
In this new competitive landscape, the success of FIs will hinge on their ability to remain relevant to customers. At the heart of this effort is a drive for financial services institutions to provide real customer value through personalized experiences and product alignment that address customers’ needs when, where, and in the context they need.
Blend commissioned Forrester Consulting to evaluate the current state of milestone-based lending demand and strategies. Forrester conducted an online survey with 2,026 banking consumers and 168 lending strategy leaders at FIs to explore this topic. We found that success in financial services marketing was determined by how well an FI was able to identify, understand, and respond to customers’ life events or milestones. However, most FIs struggle to deploy milestone-based strategies today.
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