UK tech boss warns that banks must stop repeating common errors if they are to meet their digital goals CAMBRIDGE, England, Oct. 27, 2023 /PRNewswire/ — Zenoo CEO Stuart Watkins has warned that banks are repeating the same mistakes in digital transformation at a crucial time for the industry. Companies like TransUnion, Experian and Refinitiv have Zenoo’s platform embedded in their service offering and CEO Watkins is warning that many banks are still failing in three essential key areas by failing to understand evolving customer expectations; failing to use local expertise to navigate different markets and their particular customer expectations; and failing to adequately communicate the necessity of collecting extensive customer information – leading to mistrust and application abandonment. At the forefront of these three key issues is the onboarding process which represents every new customer’s first full digital interaction with the bank. Watkins says: "The primary problem banks will face if they get digital transformation wrong is the potential loss of customers and market share. Consumers are becoming more willing to switch providers if they encounter friction in the onboarding process and we know the industry has a major issue with abandonment rates. Banks must ensure that the […]
Banks making the same mistakes with digital transformation
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