Banks are gradually improving their business and offerings to attain higher levels of customer satisfaction, but have yet to fully leverage their mobile banking services, according to the 9th annual World Retail Banking Report.
The report, published by Capgemini, a management consultancy, and Efma, a banking industry body, was based on responses from over 18,000 bank customers surveyed in the Customer Experience Index. The report shows banks have a significant opportunity to close the customer sentiment gap and address the factors that matter most to them to increase loyalty. Roughly half of those surveyed cited quality of service, fees, ease of use and interest rates as the biggest impact areas to keep customers from leaving. However, the report found that 9% of customers are likely to leave their banks in the next six months while 40% said they are unsure they will stay in the long term.
Capgemini and Efma identified mobile services as the channel with the most potential to improve customer service. The report said that while mobile banking was still in a relatively nascent state of maturity, it was an area that will warrant more investment by banks to improve the customer experience. By 2015, more than 60% of customers worldwide will likely use mobile banking, according to the report. Although mobile services are currently offering the least positive customer experience, it has also improved the most amongst all channels. To succeed in this market, the report said banks would need to align their mobile strategies to better fit the size, profile and region of their targeted customer segments.
‘Banks should be applauded for taking the necessary, initial steps to sustain customer relationships,’ said Jean Lassignardie, global head of sales and marketing at Capgemini Financial Services. ‘However, as more non-bank competitors enter the market, banks must differentiate by building innovative products, improving channel management and service, and enhancing their mobile offerings,’ Lassignardie said.