The Bankwatch

Tracking the consumer evolution of financial services

World Retail Banking Report – 2016 (Capgemini and Efma)

Their annual report is out now. Some useful country specific information regarding customers experience level and feelings about their banks.

Capgemini and Efma today released the findings of their annual World Retail Banking Report (WRBR) 2016. The report reveals that fintech providers are making increasingly significant inroads with customers – two thirds of customers are now using fintech products or services – yet banks are struggling to keep pace, with the vast majority admitting they are not adequately prepared to manage this threat.

Key findings include:

* Not only are a majority of customers now using FinTech products or services, they are also much more likely to refer friends and family to their FinTech provider (55 percent) than to their bank (38 percent)

* 96 percent of banking executives agree that the industry is evolving toward a digital banking ecosystem, where Fintech providers play a much bigger role, but only 13 percent say they have the systems in place to support it

* Fintech providers are perceived among consumers as easy to use (82 percent), offering fast service (81 percent), and providing a good user experience (80 percent)

* While banks improved their customer experience performance, this did not translate into tangible results in profitable customer behavior, with only 16 percent of customers, saying they are likely to purchase an additional product from their bank

* Bank executives favor partnership with fintech firms through collaboration (46 percent) and investment (44 percent) as they look for ways to respond to the threat posed by these emerging competitors

The full report, here: https://www.worldretailbankingreport.com/

Written by Colin Henderson

April 19, 2016 at 10:23

Posted in Uncategorized

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