Banking with 20/20 Vision

Banking

We are all–in one form or another–customers of a bank, be it global or local.

How many of you have found yourselves asking such questions as, “How well does my bank know me, and who I am? What is their awareness of my financial needs? What would I do if they did closed my local branch?” (A real threat and possibility if you read the press these days!)

“Who would I speak to who would know me and my recent bank application? Am I prepared to get lost in the never-ending call center queue, speaking to someone who is perhaps in an office 100 miles away, and where I end up repeating myself more times than I have fingers and toes?”

As a banking customer, and the Financial Services Industry Marketing Manager here at Avaya, I worry about this both as a consumer and a marketer. (Is it any wonder I get any sleep at night?!)

A new report from PwC recently landed in my inbox, looking at the future of the banking industry–all the way out to the year 2020. PwC believes that technology will fundamentally change retail banking by the year 2020.

Some interesting survey statistics to mention are:

  • One in four customers share experiences via social media. Banks are urged to identify key influencers among their customers to serve as brand advocates. Promoters account for 80–90% of positive word-of-mouth.
  • 61% of bank executives say that a customer-centric business model is “very important,” and 75% of banks are making investments in this area (this pattern is consistent globally). Yet, only 17% of banks feel “very prepared” for the customer-centric model.
  • Two out of five customers leave banks after a bad experience, and 45% of those will actively discourage others from using that bank.

So, all the questions I mentioned earlier are current and genuine. I really wonder how much influence we as customers can apply to shape these banks of the future? Banks need to consider how to stay competitive with one another and ultimately give customers the service they want–in return, getting the customer loyalty they desire.

As the saying goes, “hindsight is a wonderful thing”–let’s hope the banks won’t need it come the year 2020!

Avaya will be at the SIFMA Tech conference in New York, June 17-18 at the Hilton New York. Please visit us if you are planning to attend the event.

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