CHICAGO–There is a big disconnect between financial execs and consumers when it comes to technology expectations, according to new research.
During the recent BAI Banking Outlook: Preparing for 2020, findings from the survey of more than 600 consumers across all generations, in addition to 400 bankers drawn from a cross-section of functional areas across banks and credit unions of all sizes, were shared. The objective of the research was to probe financial services leaders for insights into their key business challenges and areas of investment, while consumers shared attitudes and preferences related to desired banking tools, open banking and the omnichannel customer experience.
Among the findings, according to BAI:
- Improving the customer digital experience is the top business challenge for financial services organizations. The top request from consumers is to be able to customize their own solutions, from products to the digital experience.
- Despite 65% of consumers preferring to open new deposit accounts online, nearly half of financial services organizations do not allow the first account to be opened online.
- The majority of consumers (60%) expect to see open banking become in a reality in the U.S. within the next 1-5 years, compared to only 48% of bankers.
Time to ‘Listen & Address’
“The financial services industry has changed dramatically over the past decade, and leaders are preparing for an even more competitive landscape in 2020 and beyond,” said Karl Dahlgren, managing director of research at BAI, in a statement. “It is vital for financial services leaders, particularly those from traditional institutions, to both listen to and address the rapidly evolving consumer demands to stay successful, relevant and competitive in the coming decade. Leaders that connect with their existing customers by leveraging data that they already have are positioned to make changes and adjustments quicker and more effectively than those who do not. We’re happy to learn from our BAI Banking Outlook research that this will be a higher priority across organizations of all sizes next year.”