A 2016 CapGemini study found that customers believed that their banking experience had improved. They were, in general, happy about the experience they received at their retail banks — a credit to the investment and energy that has been put into transforming front end processes and services. Despite those gains, however, there were two worrying signs. Namely the younger generations — millennials — still scored low on customer experience and gains in customer experience didn’t translate into increased profit.So what does that mean for retail banks in 2017? There’s still work be done, and 2017 might just be the year to do it. Here’s our take on the three things that retail banks should double down on in the year ahead.To read this article in full or to leave a comment, please click here
Banks all around the world are re-imagining their businesses to put customer demands front and center. They are undergoing massive digital transformation processes to do so; however, these transformations, coupled with an always-connected, digitally savvy customer and an emerging “hacker industry,” create new and heightened security risks that banks must deal with immediately.This is a new normal for banks, as evidenced by recent attacks such as the SWIFT hack, and maintaining the security of their systems and customer data will require them to follow new rules and regulations.To read this article in full or to leave a comment, please click here
Banks all around the world are re-imagining their businesses to put customer demands front and center. They are undergoing massive digital transformation processes to do so; however, these transformations, coupled with an always-connected, digitally savvy customer and an emerging “hacker industry,” create new and heightened security risks that banks must deal with immediately.This is a new normal for banks, as evidenced by recent attacks such as the SWIFT hack, and maintaining the security of their systems and customer data will require them to follow new rules and regulations.To read this article in full or to leave a comment, please click here
Changes in the way we do business with banks are rarely initiated by banks themselves. Instead, banks are often forced to adapt because of technological advancements that are shifting social culture and customer expectations.
Just as mobile technology made selfies the norm, the introduction of new technologies is changing banking as we know it; paying by a social media app or on-demand lending are just the start.Keeping up with customers
Established banks have an array of touchpoints with their customers that generate valuable insights about who their customers are. Yet all too often, banks do not act on those insights and pass up the opportunity to create a great customer experience.To read this article in full or to leave a comment, please click here
Falk Rieker