Without a strong emotional connection with their bank, customers are more likely to view banking services as a commodity, with price being the ultimate competitive differentiator. Banks should fundamentally rethink where, when and how they bring humanity and personality back into the customer experience, according to the latest Accenture study. The replacement of in-person branch interactions with impersonal digital transactions through online and mobile channels during the COVID pandemic has accelerated the ongoing erosion of consumer trust in banks, according to a new report from Accenture.
The latest report reveals that without a strong emotional connection with their bank, customers are more likely to view banking services as a commodity, with price being the ultimate competitive differentiator. The report notes that while banks have long been encouraging consumers to use digital channels for transactional banking activity, there was no way to predict how aggressively that trend would accelerate as a result of COVID While it has allowed them to serve customers efficiently throughout the pandemic—and advanced their digital strategies by bitcoin atm piața hasty to five years in some cases—it has pushed them to launch solutions that are functionally adequate but devoid of emotion.
To forge strong customer connections, banks must reimagine the digital services they provide and make those connections more personal and relevant. Permanent behavioral shift or pandemic-inspired fad? The report suggests that banks need to evaluate how consumer behavior has been affected by the pandemic and determine which behavior changes are permanent — noting, for instance, the growing popularity of video calls.
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However, banks need to understand how different channels affect consumer trust. Primary account switching activity has decreased significantly, with just 3.
Noting that these low numbers can be attributed to the natural slump in neobank adoption after the initial surge, coupled with incumbent banks improving their digital capabilities, the report suggests that they could also provide a false sense of security for incumbents.
Measuring bitcoin atm piața hasty has become more complex as consumers supplement their primary bank account with additional accounts that serve specific purposes — resulting in multi-banked customers.
The acceleration to digital has helped many traditional banks close the technology innovation gap with neobanks.
Better digital offerings combined with the trusted stability of established banks may see the scales tipping to traditional banks as the preferred primary account for consumers.
Respondents were required to have a bank account and covered multiple generations and income levels. The survey was conducted online during July and August