There are two popular misconceptions that are legacy from last decade: customer relationships and customer demographics. These do not apply to Digital Banks, but incumbent banks still use them.
On the relationship side, most banks talk about relationship banking. They want to have a relationship with the customer. They need to engage the customer in a great customer experience and all that. It’s all very needy or worthy, dependent upon your view, but again it is misguided.
The key thing here is that I’ve heard this relationship thing for a long time too. It started when banks started discussing share of wallet and lifetime financial management. The whole idea is that the longer you could keep a customer and cross-sell to them, the greater the share of wallet you got and hence the more profitable you became.
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