While fintech providers are making increasingly significant inroads with banking customers, the vast majority of banks admit they are not adequately prepared to manage this emerging fintech threat.
The World Retail Banking Report 2016 by Capgemini and Efma finds that while the global customer experience index improved by 2.9 points, it has failed to commensurately increase customer behaviors that lead to greater profitability. The report draws on one of the industry’s largest customer experience surveys including responses from over 16,000 customers across 32 countries as well as over 140 industry executives around the world. Visit our interactive website for the full story.
This year’s report focuses on how the fintech disruption is an industry game-changer as fintech providers attract referrals, new customers, and gain customer trust. Key report findings:
- 63% of customers across the globe are now using fintech products or services. Penetration is currently highest in the emerging markets and among younger customers, but is expected to increase in all geographies and ages.
- Customers are much more likely to refer friends and family to their fintech provider (55%) than to their bank (38%).
- While 96% of banking executives agree that the industry is evolving toward a digital banking ecosystem, only 13% say they have the systems in place to support it.
- Fintech providers are gaining popularity among consumers thanks to the perception that they are easy to use (82%), offer fast service (81%), and provide a good experience (80%).
- Banks underestimate the value placed on these services. Only 36% of banks agree that fintechs offer fast service—a 45 point gap versus customers—and only 40% agreeing that fintechs provide a good experience, a 40 point gap.
- Competition is evolving into acceptance, with 65% of bank executives saying they view fintech firms as partners.
The World Retail Banking Report 2016 Interactive Website
Explore Capgemini’s global Customer Experience Index (CEI) and the latest banking insights on www.worldretailbankingreport.com, our interactive website. Here you can use dynamic graphs to explore customer data from the report and dive deeper into key report topics such as fintech dominance or the digital banking ecosystem.
View key findings from the World Retail Banking Report 2016 with our infographic. Click below to view the full image.