Equator recently surveyed 1,000 UK consumers to identify key areas of digital transformation that banks could execute to serve customers better.
More than 50% of consumers in the UK find their digital banking experience to be unsatisfactory. This sentiment was more prevalent among Gen Z (83%) and millennials (78%). Further, 69% of Gen X and 57% of Baby Boomers were also frustrated with their digital banking experience.
Most banks lag in CX, as site architectures prioritise system-oriented designs and platforms, rather than the needs of consumers. To improve CX, banks should improve functionality, connect services and products, implement automation and AI for efficient processing and personalisation
70% of large banks will implement AI in some form to better their CX. Moreover, with big tech companies like Apple, Google and PayPal launching new financial service products like credit cards, well-established banks must provide better services.
[2 minute read]