Source: EY Jan Bellens EY Global Banking & Capital Markets Deputy Sector Leader
EY Global Consumer Banking Survey of 55,000 consumers reveals that retail banks must adapt as their relevance with consumers wanes.
EY Global Consumer Banking Survey of 55,000 consumers in 32 countries reveals that traditional banks are under threat and their relevance with consumers is waning. Therefore, traditional banks need to rethink – and in some cases, even revolutionize – their approach to consumer relationships.
40% of customers expressed decreased dependence on their bank as their primary financial services provider and used non-bank providers for financial services in the previous 12 months.20% of customers who have not yet used non-bank providers plan to in the near future.
The survey revealed four critical areas where banks must focus their investments and efforts to restore their central place in the lives of consumers:
- Build customer trust
- Enhance customer understanding
- Rethink customer engagement and distribution
- Innovate customer experience such as FinTechs