In my previous blog, I discussed three of the six emerging trends in banking that will shape banks’ approach to dealing with consumers.  The remaining three trends are:

  1. Personalization That Stretches Beyond Banking.  In return for sharing their data, consumers will demand more personalized banking advice. But the expectation of a fair exchange does not stop there. Nearly half (48 percent) of customers want relevant advice and product information at their fingertips as they go about their daily lives. For example, they want banks to send them information about the best mortgage deals when they are in the process of buying a property, contextual information that many banks currently do not provide.The same number want banks to play a supporting role in the purchasing process for non-banking products, such as a house or new car, or services related to the purchase of a new house or car (such as insurance or assistance with the sale and/ or closing process). They say banks could assist with these important decisions by sending helpful information based on their location, price range and other personal preferences. Globally, 63 percent of respondents say sharing data should deliver personalized products and services advice.  Respondents in Canada (64 percent) and the US (67 percent) shared these sentiments.
  2. A New Route to Trust. As consumers open up to increasingly data-driven services, personal relationships are no longer the main driver of trust. The biggest driver of loyalty for banking customers is the ability to trust their bank in protecting their personal data, with 43 percent citing this. Data security is only one important pillar of trust, with customers also saying responsive customer service and brand integrity—as well as related elements such as conveniently located branches— are key to ensuring their loyalty.
  3. Branches That Add More Value.  Banking customers are not yet ready to forgo the branch. In fact, easy access to a branch was the third biggest driver of loyalty, with 40 percent citing this element. But as more bank services migrate online, customers are looking for a branch experience that blends the physical and digital in a seamless manner. One concern from the research is that true omni-channel banking still seems an aspiration, as customers are indicating that coordination across channels is deteriorating rather than improving. Despite customers’ stated interest in automated support, the ability to make a complaint (67 percent) or seek advice about complex products such as mortgages (61 percent) with a human advisor were seen as the most important features of branches.

In addition to new customer trends, the study also explored the emergence of three new customer personas – Nomads, Hunters and Quality Seekers – which I explore in the next blog in this series.

Download “Beyond Digital:  How Can Banks Meet Customer Demands?”