In this year’s research, the 16th consecutive edition of the annual banking customer experience survey, we surveyed over 29,000 customers across the retail, SME and corporate banking segments. This year’s research also covers leading fintechs given their growing significance in the banking industry.
We find customers and banks alike having to navigate uncertainties and a challenging operating environment. High inflation and significant depreciation of the currency against the dollar are increasing the cost of living and the cost of doing business.
Amidst these, we were keen to discover whether the high digital adoption the industry witnessed over the last two years would persist. The answer is yes; digital adoption has held up as more customers seek flexibility and easier access to financial services. This is in spite of the wider trend of individuals returning to brick-and-mortar offices and engagements. We expect a further increase in adoption levels as a result of regulatory activity and as more banks move away from the traditional banking business models.
A key consideration for future success though, is the quality of payments experience. In this report, we discuss feedback from customers – their pain points such as network downtimes, unconfirmed transactions, untimely reversals etc. – and explore key considerations for addressing payments reliability.
Getting the customer experience right is also a key enabler for the platform and ecosystem strategies a number of banking players are now pursuing as part of their growth agenda. As they onboard more partners and diversify their array of propositions to customers, it becomes even more imperative to deliver an orchestrated customer experience. This goes beyond merely capturing or migrating customers to their platforms or ecosystems and requires answers to questions such as – How well do I understand my customers, their behaviours and preferences? What will my future customer look like and what will their needs be? How should I orchestrate my resources and capabilities to ensure delivery of superior and differentiated experiences to my customers?
We attempt to answer some of these questions in the report and hope that you find the insights useful. We look forward to connecting further on the topics discussed. Access the complete survey here in PDF format...
