Customers are taking greater control of their banking relationships, and the banks that can provide more choice and flexibility will gain more control over their own destinies.
How can banks meet customers’ changing needs and preferences?
Amid sweeping regulatory change, slow economic growth and tightened margins, banks today are increasingly focused on their most important stakeholders — their customers.
Yet, despite their best efforts to attract and retain customers, customer confidence levels in banks remain low.
In response, customers are changing their behavior and demanding lower fees for higher levels of service or other improvements. If these demands are not met, they are increasingly likely to shop around at other banks for competitive rates for services and products.
To build on our previous global consumer banking survey in 2011, and to help banks better understand what they must do to build and maintain customer relationships, we surveyed 28,560 banking customers across 35 countries to learn more about their needs and preferences. Our banking teams around the world analyzed the responses.
We hope the data and survey findings are useful to you when planning strategies and adapting your business models to attain greater customer loyalty and satisfaction.
Our survey suggests that for banks to remain competitive, they must:
- Give customers the opportunity to choose by making promises and service offers more transparent.
- Rebalance fee structures to achieve the clarity and sustainability required by regulators and investors.
- Help customers shape their own banking experiences by improving how they provide information and advice, recruiting online affinity groups and by developing flexible loyalty programs.
- Develop models around customer needs by reprioritizing spending, including increasing the use of low-cost digital models and using more innovative technology.