Mumbai: At a time when non-traditional competition is posing a challenge to traditional banking services, a new Capgemini report on Friday showed that globally just half of the customers are satisfied with their banking experiences. Nearly a third of customers (32.3 percent) are willing to consider big tech companies for financial products and services, showed the findings of the report titled “World Retail Banking Report 2018”. The report based on insights of customers and senior banking executives in over 40 countries, including India, charts the current perspectives and potential evolution of traditional banks amid the continued emergence of big technology and financial tech players in the financial services space.
The open banking ecosystem, emerging technologies, and soaring customer expectations are among the new challenges that retail banks across the world are now facing in addition to traditional challenges, the report said. The findings suggest that retail banks need to collaborate and personalize the customer experience. (IANS)