A paper that looks at what technology can do in the age of declining customer loyalty
Fostering customer loyalty is a fundamental aspect of any banking strategy and is essential for retaining customers and delivering high quality services that compel customers to buy more. Improving the customer experience is a critical priority, yet financial services companies face many technological and cultural challenges that are holding them back.
With the emergence of digital-first start-ups, the business landscape in the banking and capital markets industry is more competitive than ever. Optimizing the customer experience is a critical focus for banks as the industry faces changing customer expectations, increased competition, technology innovation, the need to meet ever-growing government regulations, ESG considerations, and external factors such as the COVID-19 pandemic.
The “on-demand” generation is upon us, looking for instant gratification delivered immediately by always-on digital platforms. Today’s consumer expects seamless multichannel access to services, and banks are challenged to create meaningful and personalized banking experiences to attract, serve, and retain customers.