Capgemini has released the 2015 World Retail Banking Report and their Customer Experience Index, calculated from the results of a comprehensive Voice of the Customer survey of more than 16,000 respondents in 32 countries.
The CEI has dropped only slightly from 72.9 in 2014 to 72.7 in 2015, indicating that customer satisfaction is stagnating as banks try to keep up with modern consumer demands and innovative competitors in the digital space.
More highlights from the report:
- Gen Y customers registered lower customer experience levels than other age groups.
- North America continued to have the highest level of overall positive experience compared to other countries, but still saw a dip in positive experiences compared to last year.
- Customers around the world reported increased likelihood to leave their bank within the next six months. Gen Y in particular has a tendency to move banks, and are more open to internet-based providers or simple financial products offered by retailers.
- Banks and customers don’t agree on the role of the branch. Banks would prefer that customers purchase simple products online, and visit a branch for help with more complex solutions. Customers continue to use banks for simple transactions and don’t trust that the online options will be as helpful to them as a live person.
- The rise of FinTech firms means customers can complete their entire banking lifecycle without ever approaching a bank.
Customers are clearly not thrilled with the status quo. They want their banks to keep in step with the other digitally savvy experience they’re having elsewhere in the consumer marketplace, from retail to healthcare to entertainment. The newest young adults have grown up with the convenience of instant, constant connectivity, and highly customizable products and solutions.
“Status quo” is what you get when you assume you already know your customers. The global numbers won’t tell you what intelligence you’ll gain from your own Voice of the Customer research. Every bank serves different customers and it’s their needs and expectations you need to be listening to, measuring, evaluating, and integrating into your customer experience.
If you’re concerned about your status quo or want to know what you can do to change it, contact Customer Service Profiles today by phone at (402) 399-8790 ext:101, via our website, or on Twitter @csprofiles.