Because of poor banking, 80% will switch to fintech
The poor experience with services prevalent in traditional banks would motivate eight out of 10 of their customers to switch to alternatives like fintech companies, better known as fintech, highlights the Global Retail Banking 2021 Report, compiled by consultancy firms Capgemini and Efma.
According to the analysis, retail-focused banks face the dilemma of having to adapt their offerings to customer expectations, or risk losing them.
The document highlights “As the economic consequences of the Covid-19 crisis continue, the post-pandemic turmoil continues to usher in a new era of customer value-focused banking.”
The exercise shows that banks can implement technology that turns their services into an on-demand scheme, similar to digital streaming service platforms, focused on meeting the specific needs of each customer.
“Facing a new reality, driven by the pandemic, retail banking customers now expect digital and on-demand experiences, highly customized services and 24-hour support,” he explains.
In contrast, bank executives remain wary about adopting technologies in financial services, with trends such as open banking, expanding their services on digital platforms, among others.
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