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BANKING

The Everyday Bank

The digital revolution is driving change in banking consumer behaviors and expectations.

Seizing opportunity from disruption

Serving banks and payment providers to improve the customer experience, manage risk and drive revenue.

The digital disruption in banking

Customers want banks that are nimble, proactive—and far more digital.

Our research identified eight trends that can help banks better understand customer expectations and how to meet them:

1.    Customers are buying, but less so from current providers. Globally, 27 percent of bank customers purchased/subscribed to a new financial product/service over the last six months. However, more and more consumers’ intend to buy less from their current providers.

2.    First-contact resolution is key to retention. Eighty percent of customers who switched providers due to poor customer service said they could have been retained.

3.    Digital channels have significantly increased the number of overall interactions. The average customer has 17 interactions with its main bank per month—10 are online or with a mobile device.

4.    After switching to digital, customers want more services. Sixty-one percent of banking customers expect to have more online interactions.

5.    High, but slower growth in, customer service expectations gives banks a chance to catch up. Most companies are still not giving consumers the kind of service they want.

6.    Customer loyalty program adoption is rising, but fails to keep customers committed for the long haul. One-third of banking consumers participated in at least one loyalty program; however, it’s primarily to gain access to the “best deals.”

7.    Compelling offers could win back customers. Consumer perceive switching hassle to be low, and those who switched reported the new provider offered them compelling things.

 

8.    Non-traditional competitors are gaining ground. Almost half of customers would likely bank with a company they currently do business with that does not currently offer banking services.

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