The inaugural BankQuality™ Consumer Survey and Rankings interviewed 11,000 bank customers in 11 markets across the Asia Pacific region on their engagement, experience and satisfaction with their main retail banks.
August 27, 2020 | Janine Marie Crisanto- Digital services a key driver of customer engagement and loyalty
- Rankings reflect the true voice of consumers
- Banks were also commended for helping consumers weather the COVID-19 crisis
Banks have always emphasised customer-centricity as part of their corporate strategy and product development. Over the years, banks have been vocal about shifting their focus from products to customers, especially in the fast-paced digital world. As technology evolves, the digital journey of players has also changed over time, adjusting to the expectations and needs of clients.
The emergence of fintech and the prominence of bigtech in the lives of consumers have also placed immense pressure on banks to accelerate their digital transformation journey in order to keep up with the standards being set by these platforms.
However, adapting to the digital era seems to be a major challenge, especially for traditional institutions who are lacking the agility due to legacy constraints. Although players have invested greatly on new technology to push forward their respective innovation strategies, the impact on customers will be the deciding factor of the success of these initiatives.
Similar to other industries globally, the retail financial services sector is transitioning towards a more platform-driven and data-dependent business model, leaving behind standalone distribution and sales networks. In this new digital arena, the key differentiator between winners and losers is the ability to build a loyal community of customers through strong engagement.
Thus, this year, we are heavily investing in our BankQuality™ platform, which aims to help banks identify gaps in their banking services and address customer needs by measuring customer satisfaction scores of banks across the Asia Pacific region. This will help banks provide better customer experience, improve product offerings and recalibrate business strategies in...
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Keywords:Retail Banking, Digital Banking, Mobile Banking, Contactless Banking, Fintech, Bigtech, Customer Engagement, Rankings, Data, Technology, Covid-19
