Empowering banking customers’ signature moments

Industry Investment Rating - The report does not explicitly provide an industry investment rating [1][2][3] Core Viewpoints - There is a disconnect between what banking customers want and what retail financial institutions provide, highlighting the need for a customer-centric approach [2] - Retail financial institutions can build trust and loyalty by understanding and supporting customers during key life events [2][12] - Customers value seamless service, personalized experiences, quality interactions, and clear communication, which are areas where retail FIs can improve [4] Customer-Centric Challenges - Easy-to-understand communication: Over 52% of customers are dissatisfied with current communication practices, desiring transparent and honest information [7] - High-quality customer service: Nearly 48% of customers report subpar experiences, often due to limited access to personalized support and long wait times [8] - Consistent and connected digital experiences: 44% of customers face challenges with unreliable mobile apps and difficult-to-navigate websites, leading to frustration [10] Life Events and Opportunities - Life events such as buying a home, starting a family, or planning for retirement present significant opportunities for retail FIs to build trust and loyalty [12] - Retail FIs can offer personalized financial planning, transparent information, and streamlined application processes to support customers during these events [21][22][23] - Proactive support through life event trigger alerts and collaborative ecosystems can enhance customer experiences and foster long-term relationships [26][27] Technology and Skills - Retail FIs must leverage technology and skills to enhance the customer journey, such as offering personalized financial products and integrating customer profiles [29] - Continuous feedback loops and regular check-ins help FIs refine their services and stay attuned to evolving customer expectations [28] Conclusion - Trust and loyalty are earned by being present in the moments that matter, offering support beyond financial products, and building deeper personal connections [31] - Retail FIs that recognize the significance of life events can create lasting impressions, strengthen their reputation, and deliver exceptional customer experiences [31]