Historically, North American banks have been able to retain their customers through traditional channels and digital service offerings. Recent shifts in the industry can threaten this historically stable customer base. According to a new survey of nearly 4,000 retail banking customers conducted by Accenture in the US and Canada, customer relationships at traditional banks is susceptible to disruption.
In the form of new market entrants, convergent disruption is a growing factor in the banking industry. The survey gives clear evidence that changes in consumer behavior are an equally relevant driving force. For established banks, an understanding of these evolving consumer preferences can lead to significant new opportunities. Results of the survey indicate that customers want a bank which is proactive and can be a part of their daily lives. The idea of convenience in banking is undergoing a shift away from branch locations and toward digital products and services that mesh with consumers’ smartphone-empowered lives. Also, top notch banks risk being viewed over time more like utilities that conduct financial transactions. Four key findings are:
Source: Survey done by Accenture