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Banking consumer expectations vs banking CMO realities

Read about Accenture’s Banking CMO and Consumer Insights Surveys which highlight a gap between banks’ digital capabilities and the expectations of their customers.

Overview

Customer expectations are increasingly defined by digital. Customers want banking experiences that work seamlessly for them across digital and traditional channels. They want their banks to interact with them proactively—in real time—by recommending products and services that match their financial needs. And they want relationships with their banks that make them feel like individuals, not transactions.

Currently, however, banks are failing to meet these requirements. Two 2014 Accenture surveys (the CMO Insights Survey and the North America Digital Banking Consumer Survey) highlight a digital divide between banks’ digital capabilities and their customers’ expectations.

Our research shows that four of the five most challenging areas for banking CMOs are related to managing customer relationships. Acquiring new customers, providing consistent omni-channel, improving customer loyalty and increasing sales to existing customers are all front-of-mind issues. So how can digital capabilities make a difference?

This infographic highlights critical areas in this digital divide—and suggests how these can be bridged.

Drawing on recent research by Accenture amongst banking consumers and bank CMOs, it shows how important it is for banks to invest in digital transformation. Otherwise they risk losing out to more agile, digitally disruptive competitors.

Digital disruption in banking - Infographic

Download PDFDownload the infographic [PDF, 841KB]

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Recommendations

The keys to bridging the customer expectation gap are closely linked—digitalization, focusing on customer relationships and investing in analytics. By developing skills across these areas, banks can move toward delivering the seamless experiences their customers want, while providing personalized services that meet their needs. In an increasingly competitive marketplace, these are essential capabilities.