The surprising stat: Banks globally say they are losing up to 20% of their customers to competitors because their customer experience is not up to snuff. That’s according to a report from financial software-as-a-service (SaaS) provider 10x Banking. The report surveyed 150 decision makers and 150 product managers at major banks in the UK, and the EMEA and APAC regions. Other key numbers: The leaders at these banks identified a slow digital transformation as the reason behind customers’ flight in search of a better customer experience. Almost two-thirds (63%) of the survey sample said their slow digital transformation is why they can’t win new customers. That’s because it’s causing banks to miss out on providing customers with what they need in a timely manner. Just 35% of decision makers and 28% of project managers said their banks can roll out new products in an efficient time frame to meet consumers’ needs. Because banks feel like they’re losing out on customers and they face increasing levels of economic uncertainty, more than three-quarters (76%) of them said they are speeding up their digital transformation strategies. Transformation vs innovation: The report delves deeper into banks’ strategies, revealing that transformation doesn’t always amount […]
Click here to view original web page at www.insiderintelligence.com
