Customers increasingly expect the industry to shift from in-person to digital experiences.
Given that branch closures is a continued trend in retail banking, financial service executives (FSIs) are now prioritising social media (24%) and websites (24%) to reach out to consumers. Mobile applications place third at 20%. The survey of 201 FSIs has also revealed that brands must also focus on recognising individual customers and engage them across a range of touchpoints.
FSIs lag behind other industries when it comes to offering their customers a centralised, end-to-end experience. Similarly, compared to other sectors, FSIs are yet to integrate technology for back end processes efficiently.
Only 31% of FSIs have centralised customer data for digital and offline touchpoints. This leads to data silos and makes it difficult for executives to create robust customer profiles. FSIs must incorporate machine learning and AI to target customers effectively and link consumer data across platforms.
[5 minute read]