As the number and clout of challenger banks and technology firms have shown their claws.

Loyalty stems from how well banks deliver value as perceived by consumers, which companies can measure through 30 Elements of Value®. The elements that have the greatest impact on loyalty in banking are quality, followed by saves time, reduces anxiety, simplifies and heirloom (a good investment for future generations). As the number and clout of challenger banks and technology firms grow, traditional banks find their interactions and engagement with customers diminishing. When disruptors nibble away at payments-related products, for instance, banks lose not only direct profits, but also frequent customer engagement and valuable transaction data.

The common thread there: Banks can prosper if they join forces to create an industrywide platform that is highly functional and consumer-friendly. But if banks don’t figure out how to appeal to mobile-first customers, competitors will.