Taking the Bite out of the Banking Apple ?June 27, 2019
As the concept of money, gratification, savings, spending undergo multiple paradigm shifts, unlike nothing we have seen in the recent past, that once trusted institution, your “neighbourhood friendly” bank, is poised to go through some significant metamorphosis.
Do not underestimate this shift, this is not an incremental shift, it threatens to be transformational. We decided to find out how transformational? Recent research quoted alongside from Accenture and Deloitte, gives you a peek into how retail customers view banks and banking Sensing these shifts and as consumers and transactions become increasingly digital, banks are investing significantly towards driving customer engagement through digital platforms and technology.
As if customer and regulatory shifts were not enough, we now have the 300-pound gorilla, no, make that four 300-pound gorillas in the room. Brands that customers know, trust with their data, brands that are ubiquitous, have deep customer engagement and loyalty and even deeper pockets, now take aim at the very foundations of one of the oldest businesses known to mankind. So, who are the big four? Google, Amazon, Facebook and Apple or to use the rather innocuous sounding acronym they go by: GAFA
Terragni Consulting & our sister company Buyer Brain U.K recently conducted a study on how customers perceive GAFA as their potential bankers. The results of this study are interesting, we present here an abridged version. Should you be interested in a deeper peek, do feel free to reach out.
This was an innovative neuroscience based non conscious study looking at how customers’ perceptions & attitudes of GAFA compare with those of their primary banks. The insights from this study give interesting directions on how banks could better prepare themselves to address the imminent competition.
On the other hand, banks continue to be perceived as effortful to deal with, despite the focus on digitization.This is causing the customers to be on a continuous look out for easier options. Focusing on reducing customer effort and driving customer ease will therefore prove to be the tipping point in the competition between traditional banks and GAFA.
About the Author
Dipti Sapatnekar is Director – Value Delivery at Terragni Consulting.
She works to design, develop and execute Customer Insights & Customer Analytics towards Increasing Revenue, Enhancing Loyalty ,Creating Strategic and Tactical Differentiation through a focused, innovative understanding of the Customer and Customer Experience for her clients.