EVOLUTION OF BANKING

EXPECTATIONS OF THEIR BANK
Know me
Keep records of
who I am and
any previous
dialogue and
requests
Ability to grow,
adapt and evolve
around my life
and needs and
demonstrate
they care
Notice or
understand
when my
circumstances
change and
respond
Guide and
protect me
Always look
for unusual
transactions and
activity and keep
me secure
Proactively
support me with
transparent,
knowledgeable
expert information
and advice
Greater expectations
Make
things
easy
Convenient and
effortless access
to products
and services.
Intuitive digital
experiences
provide
great
service
Trust provider to
be open, honest
and transparent.
Provide a
genuine and
courteous
service
Always be
available,
acknowledge
and fully rectify
mistakes
Empower me
to enter into
conversations
for my benefit
reward me
Feel that
my custom
and loyalty
is genuinely
recognised and
rewarded
With high technological and growing financial awareness initiatives, future customer expectations
of their bank and banking services are changing. Consumers want their personal needs recognised;
they are no longer happy to accept a ‘ one size fits all’ approach to financial services. Family and social
structures are changing too. As the life stages of consumers become more diverse and less predictable,
the importance of products and services that are targeted at individuals and niche segments are
increasing. Products and services need to be as diverse as consumers themselves, and therefore,
providers need to develop a holistic understanding of the customer and of their situation and to
anticipate the changes to their needs over time.
Minimum Expectations
Reliable and easy to use technology across a range of devices
Responsive call staff and convenient ATMs and branches
Resolve issues quickly
Want
Know me
Guide and protect me
Make things easy
Provide great service
Easy to deal with
Value for money
Transparent and customer-centric
Aspire
Reward me
Transparent fees
Existing customers expect to be known. They expect to be able to interact in ways that suit them. New
customers expect to be able to introduce themselves quickly and effortlessly. As both segments become
better educated in managing their credit history, this will present both opportunity and challenge. Riskbased
pricing will enter more financier-customer conversations, as customers expect to be recognised
for the value of their relationship.
The Evolution of Banking and Financial Services | 5