UK and Irish traditional banks are failing to provide the features a growing segment of young, more expectant, and demanding consumers’ desire.
More worrying than this, digital bank challengers and new entrants in the market today are providing these features and satisfying consumers’ desires for enhanced control over their personal finances.
In this webinar, Global Reviews revealed strategic insight from our COMPASS Banking 2020 research. COMPASS provides banks with the intelligence they need to understand their digital service maturity and delivers strategic insight into the performance of their competitors. The research methodology places consumer evidence at the core of decision making, removing opinions and assumptions, and ensuring brands can invest with confidence in their future digital feature innovation.
COMPASS Banking 2020 is the largest and most extensive banking study ever conducted by Global Reviews. The research includes:
This webinar answers:
- How do the attitudes and behaviours of the young, tech-savvy, and expectant consumer differ to those of the older, traditional consumer?
- What are the feature categories most important to both customer segments and which banks have invested most effectively to provide an experience matching consumer desirability?
- A behind the login analysis of how global banks are providing these features and satisfying customer desires?
- How the attitudes, behaviours, and desires of traditional bank customers who also hold an account with a digital bank differ to customers who do not?
Our recent COMPASS Banking 2020 research has revealed two distinct consumer segments marked apart based not only on their attitudes and behaviours to accessing their online banking services but on the features they most desire from their bank.
Our research, leveraging banking consumer survey and banking services audit data, shows that young tech-savvy consumers more highly desire features within Cards, Spending, Saving, Personalisation, and International Travel categories. Our digital maturity research reveals that across these five categories digital banks provide 53% of features while traditional UK and Irish banks are providing 25%. Digital banks are more effectively satisfying the digital service demands of this consumer segment.
Some of the brands we shared results and insights on include:
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