By , Marketing Executive
Today’s banks are in a neck-and-neck race to obtain market share and keep it. Customers are becoming increasingly frustrated with traditional banking services utilizing outdated legacy systems, so they are choosing to turn to fintechs for their financial needs.
Fintech businesses are virtual banks that offer traditional banking products and services but in new and engaging ways. A socially-enabled banking experience, easy-to-use lending capabilities, and lower-interest loans make it harder and harder for traditional banks to compete with fintechs. The finish line is in sight, though, once you understand what your customers really think of you and how to adapt to industry trends.
What Your Customers Really Think of You
A recent IBM study, “Banking redefined – Disruptive, transformation and the next-generation” gathered insights from 1,060 banking executives and 1,600 retail banking and wealth management customers. The disconnect between a bank’s perception and the customer’s actual experience is jarring:
- 45% of bankers believe their bank provides personalization, but only 30% of customers agree with that.
- 57% of wealth managers believe they provide an excellent customer experience, but only 16% of customers feel that way.
- Only 21% of global banking executives believe their organization possesses above-average agility compared to its peers.
Embracing Fintechs to Win the Race In 2016 And Beyond
Traditional banks must embrace fintech principals and leverage technology to extend the service offerings their customers demand. This means quality service and excellent customer relationships will be essential more than ever. Banks must position themselves at the center of a growing ecosystem that offers best-in-class services that benefit their customers.
Download IBM’s full “Banking redefined” report here to learn more about fintechs, developing a strong ecosystem, and recommendations to ensure you’re an integral part of your customers’ everyday lives.