Bank customers seek personalization, trust; low interest in novelty
Banking Frontiers|January 2021
A special report by Accenture analyses the trust and loyalty trends among global banking consumers:
Bank customers seek personalization, trust; low interest in novelty

Banks have encouraged consumers to engage with them through digital channels. Migrating low-value and process-driven interactions to digital channels while retaining high value and more complex client activity in branches meant they saved costs while protecting personal relationships with customers. This has led to a gradual 3-4% shrinking of branch networks in much of the developed world, although in some markets closures have been more extensive. Although banks had some success, customer adoption of digital channels was slow for all but the most basic banking activities. Certain customer segments still visited their branches for things they could easily do online and even the most tech-savvy customers still liked the comfort of opening new accounts, resolving issues, or receiving advice about complex products face to face.

As much as 50% of consumers now interact with their banks through mobile apps or websites at least once a week; 2 years ago, this was just 32%. The volume of in-branch transactions in the US has decreased by 30-40%. Digital engagement across all consumers is significantly higher than at pre-pandemic levels. Digital migration also accelerates commoditization and jeopardizes trust for banks that sudden upswing in digital engagement could be both a blessing and a curse.

PERSONALIZATION

Customers value price competitiveness while dealing with their banks, and insurance customers have ranked value for money in the first place. Some 2 years ago, value for money was only in 5th place. And although primary bank account switching activity is low, those who have switched in the past 12 months are most likely to say that a better price or value was their main reason for doing it. For the people who have not switched, price and value are the main factors that might cause them to do so in the next 12 months.

Esta historia es de la edición January 2021 de Banking Frontiers.

Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.

Esta historia es de la edición January 2021 de Banking Frontiers.

Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.

MÁS HISTORIAS DE BANKING FRONTIERSVer todo
Finance gears up for festivities
Banking Frontiers

Finance gears up for festivities

BFSI companies are charging their online and omnichannel strategies with personalized festive deals this season:

time-read
4 minutos  |
October 2024
Non-cash transactions can touch a phenomenal level by 2028
Banking Frontiers

Non-cash transactions can touch a phenomenal level by 2028

Capgemini Research Institute’s World Payments Report 2025 highlights the era of account-to-account an instant payments:

time-read
3 minutos  |
October 2024
The Confluence of Artificial Intelligence and Cybersecurity: AI as the Game Changer
Banking Frontiers

The Confluence of Artificial Intelligence and Cybersecurity: AI as the Game Changer

In an increasingly interconnected world, safeguarding our digital assets has become paramount. Enter the dynamic duo: Cyber security and Artificial Intelligence (AI).

time-read
3 minutos  |
October 2024
A new trinity in digital lending space
Banking Frontiers

A new trinity in digital lending space

Three platforms in the lending space are poised to change the way lenders offer credit and borrowers access funds in India:

time-read
4 minutos  |
October 2024
Finance gears up for festivities
Banking Frontiers

Finance gears up for festivities

BFSI companies are charging their online and omnichannel strategies with personalized festive deals this season:

time-read
4 minutos  |
October 2024
Small MFI, International Engagements
Banking Frontiers

Small MFI, International Engagements

Mitrata Inclusive Financial Services in the midst of transformation growth

time-read
3 minutos  |
October 2024
MFIs: Big Impact Big Changes,
Banking Frontiers

MFIs: Big Impact Big Changes,

Even as MFIs are fueling economic growth for the underprivileged, what is interesting is that they are transforming themselves in areas like HR, technology, funding, leadership, collections, and more. Banking Frontiers presents the initiatives and initiatives at 9 such organizations:

time-read
3 minutos  |
October 2024
Climate Risk Forum for CROS
Banking Frontiers

Climate Risk Forum for CROS

Excerpts from a discussion on shaping the future of climate change resilience in India:

time-read
3 minutos  |
October 2024
Seamless Supply Chain Finance
Banking Frontiers

Seamless Supply Chain Finance

Deep insights emerge from this fireside chat at NBFC's Tomorrow Conclave.

time-read
6 minutos  |
October 2024
Star Health sees strong demand from the IT sector
Banking Frontiers

Star Health sees strong demand from the IT sector

Biju Menon, Chief Business Officer at Star Health Insurance, looks at the evolution of employee health insurance from multiple perspectives:

time-read
4 minutos  |
October 2024