Ipsos Research: Consumer perspectives
While banks have made considerable investment into technology as they seek to fend off market challenges from digital banks and tech and e-commerce giants, they have yet to reap the full benefit of this investment.
Despite bank efforts
to match consumer demands for digital advancement, their progress has fallen short of the expectations of consumers who have quickly come to expect the agile, super-responsive and customer-centric service provided by today’s tech-first players.
Traditional differentiators such as person-to-person advisory are failing to provide sufficient added-value to digital-first, time-poor consumers.
To regain lost competitiveness, added-value and uniqueness, traditional banks
must leverage their competitive advantages - deep customer knowledge, trust capital and sophisticated financial product offerings - and combine these with cutting edge technology, to leverage tech-enhanced advisory.
need to dramatically rethink their competitive strategy, as they cannot match digital banks or GAFAM-style players on agility and pricing. Traditional banks need to focus on becoming the best in class among their peers.
commissioned IPSOS to question almost 11,300 bank customers in 9 European countries on their financial habits and attitudes towards their bank. The survey was conducted in France, UK, Germany, Spain, Italy, Sweden, Belgium, The Netherlands and Luxembourg, with
all participants aged over 18 years and all had a bank account with either a traditional or a digital bank.