Close

Choose a country

United KingdomEnglish
South AfricaEnglish
IndiaEnglish
InternationalEnglish

Banking needs a CX wake-up call

Blog
7th April 2017

experience_400.jpg

Recently, DBR Media in the US published their digital banking report. This research analyses the impact of technology on the financial services industry and in particular how banks need to adjust their service offering to meet the challenges of new competitors.

The latest report is focused on how to improve customer experience (CX) in banking, but when I read a summary of the research in the online banking journal, I was shocked to see some of the findings. To say that banking needs a wake-up call appears to be an understatement.

First, let’s look at the positive message from this summary. All financial companies involved in the research acknowledge that customer experience is a priority and most have a three-year plan to increase their focus on CX. However, that’s about it. Only 37% have any formal CX plan, smaller banks are not really taking CX seriously, and most of the companies surveyed are finding it a challenge to take on data analytics, omnichannel and creating a single view of the customer.

This research is US focused, however the US is a mature banking market and it might be expected that the demands of American banking customers might be forcing banks to take CX more seriously. With the growth of financial technology (fintech) alternatives to banking services – such as using an app for a loan – there is not only a major new wave of customer-centric competition, but the expectations of banking customers are changing rapidly too.

If this research is an accurate reflection of how financial institutions are managing CX in the US today, then a wake-up call is required. Banks have to get this right because technology is entering their market. Apple now has a payment system. How long will it be until Google or Facebook launches a retail banking service, perhaps integrating bitcoin to make the first global currency that can be used anywhere? 37% of banks already planning to improve their customer experience may be the only ones that survive in this new ultra-competitive world of finance.

What do you think about these research insights? Please leave a comment here or get in touch on LinkedIn with your views on banking and CX.


Leave a Reply

Your email address will not be published.Required fields are marked *


David Turner
Article by: David Turner

News & Insights

Recommended for you
Solution Designer
Service Provider
Technology Enabler
News
Regardless of age, consumers want a fast response and value data security

A clear preference for speed in customer service across the board The most important aspect of customer service for companies to prioritise is protecting consumer data (53%) Nearly two-thirds would pay more for a company’s product or service if a company deals with issues and queries quickly and effectively, even more than if a brand is involved in the community (44%) or has values...

News
Employees agree on the advantages of a cross age-group workforce

New YouGov research shows broad support for multi-generational and flexible working and fast resolution for customer service issues. 60% of British employees value the sharing of different view-points among a multi-gen workforce 76% support casual dress, working from home (76%) and flexible...

Blog
Whitepaper launch: Generations – Cohort views on CX and the workplace

Webhelp’s latest Disruptor Series Whitepaper, which highlights the impact of generational influences on CX. For the launch, Gillian Campbell, Chief People Officer UK Region & Director Global Engagement, takes a look at employee issues and how they will affect the workforce moving...

Whitepaper
Generation: Cohort views on CX and the workplace

What changes do employers need to make to engage with an increasingly multi-generational workforce? How well do brands understand their customer demographics? Are their CX strategies being tailored to reflect differences in generational attitudes and behaviours? The Webhelp Disruptor Series...

Case Studies
[Fashion] Fifty Jeans – Launch your brand without cashflow problems!

...

Load more
×

Webhelp Cookies Preference Centre

Strictly Necessary Cookies
The website requires the use of cookies for essential functional requirements and these are outlined in the cookies policy.

Enhanced Functional Cookies
Some features of this website use services provided by third parties websites. These features use cookies to implement their services on this website and may collect data about your visit to help them optimize their functionality. The Webhelp cookies policy outlines the cookies used by these services.

We have links to social networking such as Twitter, Facebook and LinkedIn.
These websites are third party sites. We do not place cookies on their behalf, and do not have control over the way they collect or use your data.
We encourage you to read more about their policies:
Twitter
LinkedIn
Facebook