As banking customers are turning to new players, the 12th World Retail Banking Report 2015 by Capgemini and the European Financial Marketing Association (EFMA) explores customer experience globally, the likelihood for customers leaving their bank and why the middle and back office are critical to delivering engaging and dynamic customer experiences. Consumers are turning to a number of providers for banking services including brand-name retailers, crowd-funding websites, peer-to-peer lenders, and internet and mobile service providers.
Despite fast increase in usage of internet and mobile banking, the branch remains important for banking customers. The majority of customers would use their branch, irrespective of the type of product they are looking for. Gen Y customers indicated higher usage of the mobile channel to apply for a banking product. Investments in middle & back office are intended to simplify processes, mitigate risks & reduce costs.
FinTech firms are making significant inroads into banking and they have the potential to disrupt the market with 83% of banking executives believing that their own customers feel more comfortable banking with FinTech companies.