Engagement is, first and foremost, a competitive issue. FinTechs can lure customers away with the promise of a better experience, which is a critical component of engagement, especially among younger and income-rich cohorts, who are most likely to consider nonbanks. Further, we see a strong correlation between customers thinking banks are all the same and a willingness to switch to a new provider. Again, customers that feel nothing special toward their existing banks are a major competitive vulnerability, one that strong engagement strategies can and should address.
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