Customer experience and digital banking

Article

This year, Cefpro’s research team concluded extensive outreach to better understand the key challenges and trends within customer experience and digital banking from a European and US perspective. With such overlap between the two subject matters and geographies, this piece serves as a compare and contrast between challenges and opportunities on the horizon for each discipline.A key area in each geography was Fintech/startups (Fintech for the purposes of this piece). The nuances observed in each study saw a more collaborative focus from a digital banking and US audience, with the European customer experience (CX) audience focusing more on disruptive capabilities, and staying ahead in such a landscape. The European research highlighted the complexities of fintech/ incumbent relationships, identifying more competitive opportunities than collaborative ones. The focus sat within the capabilities of fintech companies to disrupt traditional banking services and offerings.Customer expectationsAs customer expectations continue to evolve - brought on initially by the move of traditional banks to digitalonly services during the pandemic – the expectation of even the most traditional consumer evolved almost overnight. With this change came the introduction of large organizations, or “Bigtech” firms launching banking products. Organizations like Amazon have driven demand for instant gratification across a range of services; consumers now expect rapid service and recognize this as synonymous with brands like Amazon and Apple, who continue to enter the market. Fintech, bigtech, and startups are in nature more nimble and agile than traditional banking organizations, allowing them to meet consumer expectations much quicker and adapt. Staying ahead in this market requires significant investment in legacy systems or leveraging a collaborative venture with these nimble firms, as seen in the US research.Joint offeringsDiscussion points in the research for digital banking, which targets

Thank you for visiting CeFPro Connect and reading our latest industry updates. To continue reading more, please create your free account. You'll enjoy the following great benefits:

WHAT'S INCLUDED —