Customer engagement is now crucial

Digital Reinvention
11/08/2022 Article
profile picture of Roberto Ferrari Roberto Ferrari Qorus Digital Reinvention Community Lead

Attracting the customer, continual customer engagement and relationship loyalty is the ultimate challenge for today’s financial institutions. Relevance is now the key word.

Digital Reinvention
21 Jun 2022
21/06/2022 Study

Maximizing digital banking engagement

Customer expectations are becoming increasingly high. They expect financial institutions to know them. What are their spending habits? What products do they need? How do customers want to interact with their financial institutions... And so on.

Furthermore, competition is coming from all sides. It is coming from start-ups and from big tech who are much more natively capable to use data and provide contextual interactions with their clients.

The 2022 Digital Banking Report on digital engagement is aimed at digging into this. It shows how customer engagement is getting crucial and how data and smart value exchanges are reshaping the foundations of the relationship between banks and customers.

Are banks truly aware of the key challenges? Are they ready to change? How quickly are they moving? What are customer expectations? How much have expectations changed since the pandemic?

The 2022 Maximizing Digital Banking Engagement report helps to get a global view on these questions, providing you (without any doubt) a significant roadmap with plenty of insights.

There’s not much time left, as customers are changing fast, adapting to new digital opportunities — much faster than incumbent banks themselves. It is clear from the research that personalized and contextual offerings and interactions are what customers are looking for.

As time goes on, it will become more and more important for financial institutions to stay relevant and maintain “customers’ top of mind” preferences.

The truth being revealed is that traditional and historical customer inertia is no longer assured — as new data-driven competition enters the market. Competitive and regulatory barriers may be eliminated, with the rise of open banking and its technological foundations. The cloud, APIs, and software as a service (SAS) may fuel new solutions which are more capable to match new customer expectations.

This is a new paradigm. It is based on data, seamless multichannel orchestration, openness, cloud- based infrastructure, and above all, a new customer-centric culture that gets to the best ARPU (average revenue per user) as a result of the highest NPS and engagement levels.

The question is … Will banks reinvent themselves in time?

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