The financial
world is increasingly dominated by computerised services and there is
considerable debate on the future of banking institutions. It is not yet
settled whether firms will go completely digital or not.
A research from J.D Power and Associates
reveal that customers using digital medium only are the least satisfied one of
the individuals surveyed. The study looked at a quarter million respondents.
Those who were the happiest were the ones who both visited branches and
utilised digital services. The report
also diclosed that medium-sized institutions have stronger branch-satisfaction
scores that the larger ones. Thus, they can build on this to improve their
competitive position and expand their offerings.
The situation is even more complicated by two
other findings. First of all, the number of clients using digital facilities to
access banking solutions keeps increasing. However, nearly 75% of them
continue to use branches as well.
Secondly, the largest institutions have a higher percentage of customers
who utilise computerised services only. They offer advanced facilities such as
online account opening where customer satisfaction is improving. Nonetheless,
they are disadvantaged with regards to in-customer experience where mid-size
banks are thriving. This implies that digital services and branch capabilities provided
by banks are still “very much married”.
Customers prefer both digital and in-branch
capabilities
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