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Capco Study: 72% of Customers Rate Personalization as "Highly Important" in Today's Financial Services LandscapeThe ability to personalize banking experiences is a key expectation among bank customers today, according to a new Capco research report, "Insights for Investments to Modernize Digital Banking." Customers also desire digitally-driven features that save time when dealing with routine, commoditized tasks, and also want highly personalized banking relationships. They value text alerts, want to be notified of opportunities to transact more efficiently, and also want to be able to track multiple accounts using a single dashboard. "The arrival of digital banking introduces an operating paradox for the financial services industry," says Lane Martin, Partner, US Banking & Payments Practice at Capco. "How does a bank balance the seemingly contradictory desire to digitize the banking experience while also maintaining a personalized relationship with each individual customer?" To understand customers' expectations for financial institutions (FI) in the digital era, Capco surveyed 1,008 U.S. consumers via an online questionnaire asking them about personalization, bank switching, customer engagement, and sought-after digital features. Key findings include:
The survey results reinforce the idea that continued investments by financial institutions in improving digital interaction channels may cause customers to reconsider a potential change in their bank. Download and read the full research report, which offers a clear perspective on market trends, detailed analysis of the consumer survey results, and tailored recommendations for banking leaders on how to achieve the optimal balance between digital innovation and personalization, while identifying ways to monetize new customer engagement models. Capco is a global management and technology consultancy dedicated to the financial services industry. Our professionals combine innovative thinking with unrivalled industry knowledge to offer our clients consulting expertise, complex technology and package integration, transformation delivery and managed services to move their organizations forward. Through our collaborative and efficient approach, we help our clients successfully innovate, increase revenue, manage risk and regulatory change, reduce costs, and enhance controls. We specialize in banking, capital markets, wealth and asset management and insurance. We serve our clients from offices in leading financial centers across Europe, the Americas and Asia Pacific. To learn more, visit our web site at www.capco.com or follow us on Twitter, Facebook (News - Alert), YouTube, LinkedIn Instagram, and Xing.
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