Two cultures guided the financial services industry up to the early 21st century. The first was the Banking Hours culture and it defined financial services from the 1930s to the early 1980s. Competition drove the management decisions, leading everyone to follow the market leaders.
The customer expectation gap is nothing new. Simply put, the gap is the difference between what a customer expects from an interaction and what they actually receive. Expectations are subjective and based on many things like: past experience, family, lifestyle, personality, demographics, life stages, behaviors and more. So, no two consumer expectations are the same.
Financial institutions have always struggled with document management. The issues have ranged everywhere from archaic storage methods to untrained bankers not getting all the required documents and signatures to documents just simply disappearing. The latest challenge has been the flow of regulatory changes and the need to adjust instantaneously to these new modifications.