Redefining banking priorities to meet consumer expectations

Consumers are willing to share more personal data with their banks—but there’s a trade-off. They know how valuable it is and want to receive discount offers, rewards and reduced interest rates in exchange.

Banking customers are open to computer generated support—if it can deliver the personalized services they need. Consumers see this as a step toward greater control of their banking experience, with increased speed and convenience as the top benefit.

To increase value, banks can play a supporting role in the purchasing process for non‑banking products. Customers feel their banks should be able to provide relevant advice to help in their daily lives, such as information on home or car buying based on their location, price range, etc.

Google, Apple, Facebook and others are providing attractive alternatives to traditional banks. Younger consumers are open to a GAFA model of banking, featuring the tailored, responsive service they get from these platforms.

Consumers’ openness to data-driven services has displaced traditional drivers of loyalty. Where "personal relationships" used to be the top driver of customer loyalty, today, things like data security, responsive customer service and brand integrity have become top of mind.

Customers want branch experiences that blend the physical and digital seamlessly. Consumers are not yet ready to forgo the branch, but its functions will need to be reinvented to provide customers with the most value and the true omnichannel experience they desire.