The surprising stat: Banks globally say they are losing up to 20% of their customers to competitors because their customer experience is not up to snuff.
That’s according to a report from financial software-as-a-service (SaaS) provider 10x Banking. The report surveyed 150 decision makers and 150 product managers at major banks in the UK, and the EMEA and APAC regions.
Other key numbers: The leaders at these banks identified a slow digital transformation as the reason behind customers’ flight in search of a better customer experience.
Transformation vs innovation: The report delves deeper into banks’ strategies, revealing that transformation doesn’t always amount to innovation.
The bottom line: Banks’ digital transformations are no longer enough to help them stand out from competitors. Most banks have already made significant progress on their digital journeys, and those that are lagging are learning that they can tap into third-party partnerships to get up to speed quickly and cost efficiently.
Customers demand better service in the form of a more personalized experience and customized solutions that fit their current financial state. Most banks already have all of the data and information on their customers to achieve this. The next step is to learn how new technology can help banks organize and analyze this data, which can then inform the product development process, as well as marketing strategies and other customer acquisition activities.
This article originally appeared in Insider Intelligence’s Banking Innovation Briefing—a daily recap of top stories reshaping the banking industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.
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