Reinvented customer service
Traditional players are still in the early stages of customer-oriented solutions, at least when compared to what FinTechs propose. Only half of the respondents from the banking sector (53%) believe they are consumer-centric, compared with over 80% for FinTech survey participants.
By prioritising 24/7 access, FinTechs offer services available via non-traditional channels such as social media, empowering customers to a great extent. By 2020, social media will be the primary medium to connect, engage, inform and understand customers (from the mass ‘social mind’ to the minutiae of each and every individual), as well as the place where customers research and compare banks’ offerings.
Over the next five years, channel diversification will be a key driver in the banking sector:
- Over 90% of banks expect growth in the usage of mobile applications, much higher than any other financial sector.
- A fast-paced user increase is also expected in usage ofwebsite and/or web-based platforms (82%).
- Traditional providers are increasingly taking a ‘mobile-first’ approach to reach out to consumers, e.g. designing their products and services with the aim of enhancing customer engagement via mobile.
- More than half (52%) of the respondents in our survey offer a mobile application to their clients, and 18% are currently developing one.
