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.