Competition takes on a whole new meaning in the digital economy. What the traditional bank, insurer or retailer now has to contend with, is the customer’s expectation of experience that is shaped by the digitally suave Apples, Googles and Amazons.
The benchmark for the ‘delightablity’ of your digital products is set not by the competing bank but by Apple. How ‘reliable’ your customers perceive your service to be is shaped perhaps by an Amazon.
Benchmarking is futile unless you look your services from your customer’s eyes. Where do you fit in your customer’s lives ?