For the second year in a row, improvement in global retail bank customer experience levels has stalled with a decline of less than 1% leaving banks challenged to drive top-line growth.
The World Retail Banking Report 2015 by Capgemini and Efma finds customer experience levels are stagnating as non-bank players with their agile and innovative value propositions make it difficult for banks to keep up with rising expectations around personalized, engaging and seamless customer experiences. The report draws on one of the industry’s largest customer experience surveys including responses from over 16,000 customers across 32 countries as well as in-depth executive interviews. Visit the interactive website for a full picture of the report data and trends.
Key findings from this year’s report:
- Global customer experience levels have stagnated. Customers likely to leave their bank in the next six months increased to over 15% in some regions.
- Gen Y continues to report lower positive customer experience levels versus other age groups, underscoring banks’ challenge to meet Gen Y’s expectations. Less than 50% of Gen Y customers globally are likely to remain with their primary bank in the next six months.
- Banks still have work to do in transitioning customers from branches to digital channels. Customers perceive the branch as offering better service than the internet for both complex and simple services.
- The competitive threat to banks is accelerating due to the bank’s inability to quickly adapt and innovate while burdened with legacy infrastructures and the introduction of agile and digitally-savvy non-traditional players and new entrants such as Apple Pay or crowdfunding sites
Explore the key findings of the World Retail Banking Report 2015 and go through the journey of a customer who is banking without a bank through these 2 infographics.
Middle and back office transformation
There is an immediate need for banks to transform the middle and back offices before the gains in customer experience levels from front office investments reverse out. While banks have focused on front office enhancements to expand their reach and offerings, middle and back office transformation has been plagued by under-investment and will be key to resolving disjointed customer experiences and improving longer term loyalty rates. Capgemini recommends three goals for middle and back office transformation: digitization simplification and big data analytics.Download The World Retail Banking Report 2015