Gone are the days when a bank could woo customers with a fancy app or a slick online portal. As a recent survey from JD Power reveals, customer satisfaction is closely linked to the breadth and depth of a bank’s digital offer. Modern customers, who are used to convenience and personalisation within the retail and e-commerce space, demand the same from their banks. Despite this, the findings of ath Power’s Consumer Digital Banking study reveal that digital banking is still in its infancy.
So much more needs to be done if banks want to become true digital champions, the ath Power report notes. “This is a perplexing situation for financial institutions, as they have amassed so much data, and are considered the most trusted provider of banking services. And yet many have done relatively little to learn from this information and evolve their digital banking platform.”