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.
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.
Key Findings:
- Customers and banks recognize the importance of milestone-based lending.
- Despite how important milestone-based strategies are, many banks are struggling to deliver robust programs.
Building successful milestone-based lending strategies must be taken step-by-step.