Accenture financial services distribution & marketing consumer study

Beyond digital: How can banks meet customer demands

Consumer behaviors and expectations are shifting in ways that are forcing banks to both redefine their priorities and transform their distribution models. To help map and describe these changes, Accenture’s 2017 Financial Services Global Distribution & Marketing Consumer Study gathered the views of more than 32,000 banking customers across 18 markets.

The research provides valuable insights into how customers want to interact with their banks, and where innovation can play its part. One of the clearest conclusions from the research: To re-establish trust with customers and secure their loyalty, banks will need more than just a digital-first approach. As digital offerings mature, banks must define their value proposition to encompass both digital innovation and traditional values to meet their customers’ needs.

The report identifies six emerging customer trends that have profound implications for the banking sector:

• Data as a currency
• Younger consumers drawn to GAFA (Google, Amazon, Facebook, Apple) model
• Automated support is welcome
• Personalization that stretches beyond banking
• A new route to trust
• Branches that add more value

The shifts in consumer behavior and expectations identified by our study have a host of implications for banks and how they serve their customers:

• Let customers define their experience
• Re-write customer processes for the digital era
• Get api-enabled
• Tailor branches to add value
• Win the data game

Banks will need to access more customer data to offer more competitive prices and faster, easier services, and to offer products that are relevant to customers’ financial needs.

Learn more in the full report from Accenture