Published: 05 March 2024
Amid economic uncertainty and a rapidly changing consumer environment, it is imperative for retail banking leaders to stay on top of customer behavior trends. Financial services leaders can use this research into customer trends to optimize their customer experience strategies.
Despite significant improvements in retail banking self-service capabilities, the demand for human assistance remains high. Customers continue to use the branch (51%) and live phone (41%) more than digital channels for their financial needs.
When customers were asked about which financial actions they would want their primary provider to implement generative AI (GenAI) tools for, actions relating to convenience and protection were identified as most appealing.
The top reason why retail banking customers switched primary providers was for better security (36%).
Financial services leaders responsible for retail banking should:
Ensure that frontline employees are adequately equipped to address customer needs and
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