The Ledger: A fintech approach to customer engagement

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95% of bank executives identified legacy systems and outdated banking tech as an issue preventing customer and data growth strategies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)