Capgemini’s World Retail Banking Report 2022 examines what financial institutions can learn from the fintech playbook. It found that by using data, community banks can better leverage new technology platforms to address challenges and provide a better customer experience.
Source: World Retail Banking Report 2022—The Customer-Engagement Imperative: What Banks Can Learn from the Fintech Playbook, Capgemini
Results that talk
7%
Year-over-year revenue growth after CIBC, a Toronto-based bank, made digital investments and cultivated a cloud-first strategy in 2021
12x
Average revenue per customer increase at fintech Nubank, following data-driven adjustments to accommodate the customer experience
1.3M
The number of responses received on U.K. bank Natwest’s actionable newsfeed within its mobile app after using customer data to develop it
Internal hurdles
61% of financial institutions noted that they struggled to prevent customer churn
95% of bank executives identified legacy systems and outdated banking tech as an issue preventing customer and data growth strategies
Providing interactive and connected experiences across all platforms is the No. 1 way community banks can maintain and cultivate customer connections.
Critical customer touchpoints
Both surveyed customers and bank executives identified which platforms they thought were vital to customer engagement and interaction.
Customers
Mobile App 77%
Bank Branch 75%
Website 80%
Wearables 52%
(e.g., smart watches)
Bank executives
Mobile App 91%
Bank Branch 58%
Website 79%
Wearables 7%
(e.g., smart watches)