Fintech companies are seriously disrupting the banking industry and forcing banks to rethink their customer experience strategies. This is according to a new report by Salesforce, entitled "2017 Connected Banking Customer Report". According to the report, retail banks must develop ‘customer-centric business models’ and engage through digital channels.
Simplification of internal processes, as well as their interconnecting is also important. And finally, personalisation of relationships at scale is necessary to survive in 2017. The report has four key findings:
One - customers no longer rely only on physical branches to perform routine bank tasks, they want to do the same through digital channels.
Two – fintech rising is disrupting the retail banking industry.
Three – trust and security are of the highest priority for banking customers.
And finally, four - U.K. banking trends are consistent with habits of U.S. customers.
"As the financial services industry confronts the greatest period of disruption in its history, banks are facing a pivotal moment," said Rohit Mahna, GM, Financial Services, Salesforce.
"They must embrace change or risk getting left behind as new entrants in the space disrupt the market. Tapping into the digital innovation that is happening across the industry is key to bridging the gap from the traditional banks of yesterday to the nimble banks of tomorrow." The full report can be found on this link.
Image Credit: Megafon