New research reveals UK banks are missing opportunities with customers and businesses due to a one-size-fits-all approach to customer experience.
Money is personal. Banks are not. And in an age of hyper personalisation and digitisation, the cracks are starting to show.reveals UK high street banks are missing multiple opportunities with both customers and small and medium size enterprises through ‘societal blindness’ and traditional thinking of a one-size-fits-all approach to customer experience.
Financial services, particularly large traditional banks, have changed very little. The gap has been steadily widening for a while, but the rate of change in a digitally fluent society isn’t the same speed as the change we used to know.So much so, that more than half of UK SMEs are now reassessing their bank’s suitability, while less than a quarter of customers are currently satisfied with the support they receive from their bank. That’s abysmal. As an industry, we can do better than that.
So what’s happened and what can banks do about it? In short, society has continued to change around us, and the pace of that change is accelerating, fueled by social commerce, consumer expectations and digital maturity. In comparison, financial services, particularly large traditional banks, have changed very little. The gap has been steadily widening for a while, but the rate of change in a digitally fluent society isn’t the same speed as the change we used to know.
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