Customer Experience in Banking - Thematic Research

Customer experience - the customer's perception of their provider through the sum of all interactions - has come into sharp focus these last 12 months. As firms like Apple and Amazon have demonstrated, real value resides not just in the products and services a company provides but in how it provides them, especially when the economics of that product decline - as in a low interest rate environment - and when the costs of "bad" experiences increase, with customers operating under conditions of acute life stress.

Many banks have already poured millions into customer experience projects, often with mixed results. This is partly because a customer's banking relationship includes so many different journeys, which banks must optimize across an ever-evolving mix of products and channels. Teams eager to achieve dramatic impact often set out to create moments of customer delight and fix pain points across all journeys or processes at the same time. As a result, they often end up overwhelmed by the complexity and cost of redesign, creating a similar type of "fatigue" that afflicts big bang digital transformation efforts.

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Scope
GlobalData's executive survey of technology decisions-makers at banks globally indicates that "customer satisfaction" is the leading objective influencing ICT investments.

Despite incumbent banks' focus on customer and user experience, the number of US and UK customers that believe digital-only banks offer more advanced banking and have better services increased in 2020 compared to 2018.

UK banks experienced a net reduction in detractors across 2020 versus 2018, consistent with a flight to quality amid ongoing market uncertainties.

Reasons to Buy
Identify key players within the customer experience value chain.

Companies Mentioned
Amazon, Apple, Tencent, Facebook, Temenos, Personetics, Fiserv, Kasisto, Tencent, Ant Group, Goldman Sachs, BBVA, OakNorth, DBS Bank, Bank of America, Santander, Meniga, Bank of America, Wells Fargo, Capital One, TSB

Understand key technology, macroeconomic, political, and regulatory trends within customer experience.

Learn about priority customer experience investment areas for incumbent banks, supported by case study insight.

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This release was published on openPR.