Findings from the Global Consumer Banking Survey

Findings from the Global Consumer Banking Survey

The combination of a widespread lack of consumer confidence and perceived lack of differentiation has left open the door for new providers and led to considerable excitement about new players and new ways of customer servicing in specific markets.

Engagement is, first and foremost, a competitive issue. FinTechs can lure customers away with the promise of a better experience, which is a critical component of engagement, especially among younger and income-rich cohorts, who are most likely to consider nonbanks. Further, we see a strong correlation between customers thinking banks are all the same and a willingness to switch to a new provider. Again, customers that feel nothing special toward their existing banks are a major competitive vulnerability, one that strong engagement strategies can and should address.

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