Canadian Retail Banking Survey 2013
Implications for Canadian financial institutions
Canadian banking customers’ behaviour, attitudes and expectations continue to evolve.
Our survey shows that Canadian banks can rightly be proud of how loyal and satisfied their customers are. However, in this highly competitive, challenging market, banks cannot stand still and must continue to invest in their customers if they wish to continue to succeed.
Global trends are also emerging around multi-banking and the threat of new entrants into the retail banking market from non-financial services industries, putting further strain on customer loyalty and requiring Canadian banks to re-evaluate their customer-focused strategies.
Banks need to meet the basic needs of their customers, but beyond that they need to know their customers, reward their loyalty and enable them to interact in a seamless way with the bank — when, where and how the customers want.
To create the blueprint for future success, financial institutions will need to go through a fundamental transformation that will encompass the whole of the retail bank. Customercentric design needs to become a part of the culture and the tone from the top. Executive ownership of key cross-bank processes will be critical to drive performance and deliver results.
Technology will play an increasingly important role to enable financial institutions to garner a deep understanding of customers’ needs and preferences, in improving and creating a differentiated customer experience, as well as in reducing the cost base.