Banks face an uphill struggle to deliver the experience customers have come to expect.
A couple of interesting articles below show there is no easy answer for the traditional banks, the critical importance of 'digital' and the threat from the 'newcomers'.
Having spent over 20 years working in Financial Services and now a further 10 years in Customer Experience, I don’t believe that it is through a lack of trying (in many areas) that Banks fail to hit the mark in terms of customer experience. It’s a combination of legacy and lethargy that they are behind the curve and risk being overtaken by the likes of Amazon, Google and Facebook.
Whilst these ‘newcomers’ may well have greater intimacy with their customers, more importantly they have created a band of loyal ‘fans’ who will trust these brands to develop banking services (in the same way they have developed other services) that meet their needs.
They do not have the legacy reputations of the banks and the mistrust that often surrounds these reputations. Customers can be a ‘fan’ of Amazon and Google in a way that banks can only dream of. The challenge will be whether they can hang on to their fans when they need to make the difficult decisions and say ‘no’.