Despite the very real prospect of prolonged economic malaise, the financial services industry is at an amazing moment. Consumers want new products and services to help them become more confident, educated caretakers of their own money. There's real opportunity here.

Only, most big banks are letting startups figure out how to serve their customers better. This wait-and-see strategy may soon prove riskier and more costly than trying new things. Third-party providers are already providing some viable alternatives to traditional banking simply by giving consumers what they need, how and when they need it. Here's how banks can catch up.

Be There in the Moment

Customers should be able to access their accounts instantly. Financial institutions need to think beyond the retail branch, shed the old notion of bankers' hours, and make services accessible anywhere, anytime. Mobile and online applications are a solid start, but they could be so much more. Banks still can't accommodate basic requests, such as allowing small businesses to accept credit-card payments without complicated service agreements, letting individuals who use different banks transfer money between accounts, or enabling customers to manage budgets on the fly.

So entrepreneurs have stepped in. Square provides a credit-card reader and transaction app for the iPhone, no contract required. POPMoney lets people send and receive funds through an online or mobile banking program via e-mail. Mint, the free online personal budgeting and financial-management tool now owned by Intuit, offers what amounts to an on-the-go statement.

Think Differently About Data

Financial advisers frequently know more about customers' investments than customers do. Banks used to rely on demographic or personal data as a marketing tool through which they acquired customers and then sold them additional products and services. If banks instead thought of themselves as custodians of data, they could use the information to help customers...