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Banking Gets Personal As Customers Get Choosey

Trend Summary:   Banking Gets personal with the rise and rise of the Customer.


All evidence suggests that customers are taking advantage of the old business credo" Whoever delights you keeps you", according to Vikrant Karnik, EVP & global head at ...

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...cloud foundational services FS Capgemini

Posits Mr Karnik: "For decades the consumer-banking model was built around customers who open accounts with a particular institution and stay there for life".

"Now, that model has been upended. Advancements in analytics, processing power and artificial intelligence have created an environment in which traditional institutions and fintech startups alike have an unprecedented ability to understand their customers, providing them with well-tailored, personalised avenues for managing their financial lives"

All evidence suggests that customers are taking advantage of the situation.

According to a 2016 survey of 55,000 banking consumers in 32 countries conducted by Ernst & Young , 40% said they had used a non-bank financial services provider during the last twelve months. A further 20% said they plan to do so in the near future.

Read the original unabridged WSJ.com article.

[Estimated timeframe:Q2 2017]

All data sources are attributed with links to the original insight. The insight is then summarised and, where appropriate, enhanced with additional information.

Source: WSJ.com
MTT insight URL: http://marketingtrendtracker.com/article.aspx?id=7184



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