Connect with us

BANKING

How to mix digital and offline channels for competitive advantage

How to mix digital and offline channels for competitive advantage

The large investments that banks are making in innovation may not yet be hitting the mark in creating winning customer experiences, according to new findings from Genpact, a global professional services firm focused on delivering digital transformation. Genpact’s survey of more than 6,000 consumers from the United Kingdom, the United States and Australia demonstrates that while customers want the convenience presented by the latest technologies, they also expect the personal service they’re used to with traditional channels. This highlights the challenges that financial institutions are up against in achieving return on investment (ROI) from digital transformation initiatives.

The key findings from the research reveal that:

  • Generation Z and Millennials report higher levels of satisfaction with the ease and simplicity of digital banking than Baby Boomers.
  • More than one in four consumers would be comfortable with using a digital assistant, such as Siri and Alexa (or a bank’s own service), to open a new account for them –  a clear sign of growing comfort with artificial intelligence as it becomes part of everyday lives.
  • Nearly a third of consumers (31%) would switch banks if their current bank had a poor digital service.
  • Nine out of ten customers who have visited their bank’s branch say they were satisfied with the experience, and over half (57%) say visiting a branch makes banking easier.
  • And Generation Z and Millennials are significantly more likely than Baby Boomers to be willing to switch to a digital bank (40% of younger respondents vs. only 15% of older respondents.

Commenting on the findings, Michael Menyhart, growth leader, Banking and Financial Services, Genpact, said:“When it comes to achieving ROI from technology investments, banks are caught between a rock and a digital place. Consumers want it all: the speed and convenience of new technology, and the human contact they get at the branch and on the phone. Loyalty is fleeting, and to encourage it, financial institutions must better understand what their customers want and need across all channels. Technology alone isn’t the answer.”

To see the full report, “Creating winning customer experiences in banking,” click here.

Continue Reading
Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.

Recent Posts