For decades, banks of all sizes have focused strategic planning initiatives and business growth on competition for wallet share, through continued brand and product differentiation. In years past, banks drove revenue growth through targeted offers and in-mail marketing campaigns. Recently, however, brand and product differentiation has become far more focused on providing customers with enhanced digital experience, embedded with innovative features and targeted product offerings specific to customers’ wants and needs.
While customers across all demographics have grown more digitally empowered, they are also increasing their expectations for digital personalization at the heart of their everyday experiences. While increasingly personalized content caters to the taste of each unique user, banking customers now expect this same level of customer experience from their financial services provider. Digital-first institutions, FinTech providers, and common retailers, are bringing this level of digital innovation to financial services. In a digital era, banks will require a deep understanding of customer expectations to strategically innovate on current service offerings and keep pace with growing expectations from an increasingly digital customer base.
To understand customer expectations for financial institutions in this environment of digital personalization, Capco surveyed 1,008 banking consumers of large institutional, super-regional, regional, community and digital-first/FinTech institutions to learn more. We wanted to find out:
• What do people desire in their relationship with a financial institution?
• What products, services, and digital features are most important?
• What select products, services, and digital features will people pay for?
• What keeps customers loyal to their financial institution when switching is effortless?
The survey results provide insights into investment opportunities for financial institutions by detailing what digital features and level of customization customers expect and do not mind paying extra for, myth-busting the concept that innovation must be integrated into the product cost. The results will help financial institutions of all sizes develop sharper digital strategies by better defining and contextualizing their customers’ motivations and expectations.
Download our whitepaper to discover a clear point of view on market trends, a detailed analysis of the consumer survey results, and recommendations for banking leaders to capitalize on. The four areas focused on include personalization, customer engagement, desired digital features, and trends in bank-switching.