Customer Experience in Banking – Thematic Research
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Customer Experience in Banking Market Overview
Customer experience is about pragmatic trade-offs, particularly at large incumbent banks operating amid the extraordinary operational demands of COVID-19. Providers cannot do everything. They must prioritize the intersection of what they can do – on time and within budget – and what customers want.
The customer’s perception of their provider the sum of all interactions has come into sharp focus in these last 12 months. As firms like Apple and Amazon have demonstrated, real value resides not just in the products and services a company provides but in how it provides them, especially when the economics of that product decline – as in a low-interest rate environment – and when the costs of “bad” experiences increase, with customers operating under conditions of acute life stress.
Customer Experience in Banking: Key Trends
The key trends that are associated with the customer experience theme can be classified into three categories: technology trends, macroeconomic & political trends, and regulatory trends.
- Technology trends – Some of the key technology trends impacting the customer experience theme include real-time customer relationship management using alternative data sets, machine learning algorithms delivering personalization at scale and cost, alternative reality (AR & virtual reality (VR), and biometrics and AI-enabled security.
- Macroeconomic trends – The key macroeconomic & political trends that will shape the customer experience theme are UX is about cost-cutting and right channeling, UX as an ontological exercise, UX amid ESG imperatives, and UX amid COVID has increased the size of the prize in moments of truth.
- Regulatory trends – Some of the key regulatory trends impacting the customer experience theme include growing regulatory concern around “addictive” financial applications, focus on “strategic” compliance to achieve customer experience goals, proactive approach to transparency, regulatory arbitrage, and the impact on customer experience, and fintech partnerships and service-level agreements.
For more insights on key trends shaping the customer experience in banking theme, download a free report sample
Customer Experience in Banking – Industry Analysis
Customer satisfaction” is the leading objective influencing ICT investments. It is a core component of customer experience and focuses on the customer’s cognitive evaluation of the overall interaction.
The customer experience in banking industry analysis also covers:
- Mergers and acquisitions
- Timeline
Customer Experience in Banking - Value Chain Analysis
GlobalData’s customer experience value chain consists of three segments: core banking, middleware, and front-end channels.
Middleware: APIs have become the great enablers of digital transformation. Rather than optimize business structures, processes, and technologies for anyone’s one-to-one partnership, public APIs enable banks to optimize for all possible partnerships. This brings economies of scale and scope to partnering.
Customer Experience Value Chain Analysis
For more insights on the customer experience value chains, download a free report sample
Leading Retail Banks Associated with the Customer Experience Theme
Some of the leading retail banks associated with the customer experience theme are Bank of America, BBVA, Citibank, Cross River Bank, DBS, and Goldman Sachs.
To know more about the leading retail banks associated with the customer experience theme, download a free report sample
Leading Technology Vendors Associated with the Customer Experience Theme
Some of the leading technology vendors making their mark within the customer experience theme are Amazon, Backbase, Finastra, FIS, Infosys, and Mambu.
To know more about the leading technology vendors associated with the customer experience theme, download a free report sample
Banking Sector Scorecard
At GlobalData, we use a scorecard approach to predict tomorrow’s leading companies within each sector. Our sector scorecards have three screens: a thematic screen, a valuation screen, and a risk screen. The banking sector scorecard has two screens:
- The thematic screen tells us who are the overall leaders in the 10 themes that matter most, based on our thematic engine.
- The valuation screen ranks our universe of companies within a sector based on selected valuation metrics.
Banking Sector Scorecard – Thematic Screen
To know more about the sector scorecards, download a free report sample
Customer Experience in Banking Market Overview
Report Pages | 39 |
Regions Covered | Global |
Key Trends | Technology Trends, Macroeconomic & Political Trends, and Regulatory Trends |
Value Chains | Core Banking, Middleware, and Front-End Channels |
Leading Retail Banks | Bank of America, BBVA, Citibank, Cross River Bank, DBS, and Goldman Sachs |
Leading Technology Vendors | Amazon, Backbase, Finastra, FIS, Infosys, and Mambu |
Key Highlights
- GlobalData’s executive survey of technology decision-makers at banks globally indicates that “customer satisfaction” is the leading objective influencing ICT investments.
- Despite incumbent banks’ focus on customer and user experience, the number of US and UK customers that believe digital-only banks offer more advanced banking and have better services increased in 2020 compared to 2018.
- UK banks experienced a net reduction in detractors across 2020 versus 2018, consistent with a flight to quality amid ongoing market uncertainties.
Reasons to Buy
- Identify key players within the customer experience value chain.
- Understand key technology, macroeconomic, political, and regulatory trends within the customer experience.
- Learn about priority customer experience investment areas for incumbent banks, supported by case study insight.
Apple
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Temenos
Personetics
Fiserv
Kasisto
Tencent
Ant Group
Goldman Sachs
BBVA
OakNorth
DBS Bank
Bank of America
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Wells Fargo
Capital One
TSB
Table of Contents
Frequently asked questions
-
What key technology trends are shaping the customer experience theme in the banking industry?
Some of the key technology trends shaping the customer experience theme in the banking industry are real-time customer relationship management using alternative data sets, machine learning algorithms delivering personalization at scale and cost, alternative reality (AR & virtual reality (VR), and biometrics and AI-enabled security.
-
What key macroeconomic & political trends are shaping the customer experience theme in the banking industry?
The key macroeconomic & political trends that will shape the customer experience theme in the banking industry are UX is about cost-cutting and right channeling, UX as an ontological exercise, UX amid ESG imperatives, and UX amid COVID has increased the size of the prize in moments of truth.
-
What key regulatory trends are shaping the customer experience theme in the banking industry?
Some of the key regulatory trends shaping the customer experience theme in the banking industry include growing regulatory concern around “addictive” financial applications, focus on “strategic” compliance to achieve customer experience goals, proactive approach to transparency, regulatory arbitrage, and the impact on customer experience, and fintech partnerships and service-level agreements.
-
What are the components of the customer experience value chain?
GlobalData’s customer experience value chain consists of three segments: core banking, middleware, and front-end channels.
-
Which leading retail banks are associated with the customer experience theme?
Some of the leading retail banks associated with the customer experience theme are Bank of America, BBVA, Citibank, Cross River Bank, DBS, and Goldman Sachs.
-
Which leading technology vendors are associated with the customer experience theme?
Some of the leading technology vendors making their mark within the customer experience theme are Amazon, Backbase, Finastra, FIS, Infosys, and Mambu.
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