Winning strategies to jump start your digital transformation
An Industry Under Pressure
The challenge of re-architecting banking around the customer
Decades of incremental technology, siloed infrastructures, and outdated legacy systems have stifled financial institutions’ ability to innovate and provide real customer value.
Outdated technology is driving customers away
Many financial institutions have become reactive, not proactive. In attempts to put a temporary fix on their problems, they’ve added point solutions that have led to data silos and a disjointed customer experience. There’s no room for innovation while solving the daily problems created by outdated operating models.
The result? A fractured set of journeys for customers and employees – including tedious manual processes, incoherent customer and employee-facing apps, and laborious onboarding procedures. These problems not only drive up costs and reduce agility for the financial institution, they also make it impossible to create the exceptional experiences that customers now demand.
And these customers won’t look the other way anymore – not when they have a multitude of choices that are better suited to their needs. In fact, about one fifth of respondents to a recent study said they’re currently planning to switch to another bank. And in another study, on average, 29% of bank customers said they’d change banks if it could be done easily. The main reason many customers haven’t already switched is the time and effort involved.
If customers aren’t getting what they need from their current provider, they’ll eventually take the leap to another bank – even despite the annoyance – and banks must act now if they want to retain their customers.