Banks are still on Mars while others are conquering Venus
Why service quality is no longer a differentiator and how customer analytics is the key to providing the right customer experience.
For the past decade, most banks have been busy trying to identify and implement several enhancements to their strategies, IT infrastructure, operating models and other key areas. Banks have been trying to proactively accommodate ‘the next generation’. What many of them have yet to realise is that the so-called next generation has been around for quite some time now, and is already being served by someone else.
Revenues, profitability, cost-to-income, ROE, EPS and other indicators were and will always be the bottom line for banks and shareholders. The customers, however, have changed drastically over the years.
While banks were busy competing with each other on services, product offerings and market shares, new players have been slowly but surely sneaking in and steeling their thunder. These are players who are mastering the art of simplicity and innovation and players who are spoiling consumers with an experience that seems light years ahead of that provided by banks.
Banks should wake up to this new reality, look around, and act quickly before it is too late.
Inside magazine issue 8, April 2015
Inside is Deloitte’s quarterly magazine offering an exclusive insight into best practices, trends and opportunities faced by our clients across all industries.
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