{"id":2149,"date":"2018-09-20T15:36:27","date_gmt":"2018-09-20T15:36:27","guid":{"rendered":"http:\/\/financeintellect.com\/home-page\/home\/?p=2149"},"modified":"2018-09-20T15:36:27","modified_gmt":"2018-09-20T15:36:27","slug":"world-retail-banking-report-2018-banks-must-respond-to-soaring-customer-expectations-as-non-traditional-competition-looms","status":"publish","type":"post","link":"https:\/\/financeintellect.com\/home-page\/home\/world-retail-banking-report-2018-banks-must-respond-to-soaring-customer-expectations-as-non-traditional-competition-looms\/","title":{"rendered":"World Retail Banking Report 2018: Banks must respond to soaring customer expectations as non-traditional competition looms"},"content":{"rendered":"<p style=\"font-weight: 400\">\u00a0In addition to traditional challenges, retail banks globally are now facing high-impact new forms of competition: the open banking ecosystem, emerging technologies, and soaring customer expectations. This is according to the\u00a0<a href=\"http:\/\/www.worldretailbankingreport.com\/\">World Retail Banking Report 2018<\/a>\u00a0(WRBR 2018) launched\u00a0 from\u00a0<a href=\"https:\/\/www.capgemini.com\/\">Capgemini<\/a>\u00a0and Efma.<\/p>\n<p style=\"font-weight: 400\">The report finds that:<\/p>\n<ul>\n<li style=\"font-weight: 400\">Satisfaction is low:\u00a0Barely half of customers say their experience across different bank channels was positive (51.1 percent in branch, 46.9 percent on mobile and 51.7 percent on internet banking), despite continued bank investment.<\/li>\n<li style=\"font-weight: 400\">Consumers are open to BigTech:\u00a0Nearly a third of customers (32.3 percent) might consider BigTechs for financial products and services (that includes 43.0 percent of Gen Y[2]\u00a0respondents, 53.0 percent of tech-savvy consumers[3]\u00a0and 70.2 percent of those already likely to switch their primary provider).<\/li>\n<li style=\"font-weight: 400\">Personalization is key<strong>:\u00a0<\/strong>Satisfaction was notably higher among those customers who had been offered personalized digital experiences proactively (49.1 percent) than those who had not (39.5 percent).<\/li>\n<\/ul>\n<p style=\"font-weight: 400\">The report also surveyed banking executives about the main causes of industry disruption. The most-cited factor was rising customer expectations, with nearly three out of four executives (70.8 percent) stating that positive experiences in other sectors mean customers now expect more from their banking provider. A majority of executives (58.3 percent) also said that regulatory pressure was a cause of disruption, while 54.2 percent identified the increasing demand for digital channels as a factor. As lines between traditionally different industries now start to blur, banks now face increasing competition from non-traditional firms who are targeting niche areas of the banking value chain. Also, increasing digitization and explosion of new technologies are rapidly changing the banks\u2019 ways of working.<\/p>\n<p style=\"font-weight: 400\">\n<p style=\"font-weight: 400\">\n<p style=\"font-weight: 400\">\n<p style=\"font-weight: 400\"><strong>\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0In addition to traditional challenges, retail banks globally are now facing high-impact new forms of competition: the open banking ecosystem, emerging technologies, and soaring customer expectations. This is according to the\u00a0World Retail Banking Report 2018\u00a0(WRBR 2018) launched\u00a0 from\u00a0Capgemini\u00a0and Efma. The report finds that: Satisfaction is low:\u00a0Barely half of customers say their experience across different bank [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":2150,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[31],"tags":[1754,1756,1755,1753],"class_list":["post-2149","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-capgemini","tag-continued-bank-investment","tag-efma","tag-world-retail-banking-report-2018-wrbr-2018"],"aioseo_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>World Retail Banking Report 2018: Banks must 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