Digital has essentially reshaped consumer behavior in retail banking. Based on our research, roughly 90% of Canadian banking customers use digital channels and most 30% of consumers are actually banking solely virtually. In reaction, banks across Canada and globally are earning large investments in technology and analytics to provide a much better experience cheaper, deepen and broaden existing client relationships, extend their distribution achieve, and safeguard relationships against both traditional and new competitors.
To help our knowledge of these trends in the customer’s perspective, we conducted market research of ~4,000 Canadian consumers concentrating on their digital banking needs, attitudes, and behaviors. We supplemented these studies with targeted mystery shopping of leading Canadian banks to find out the way they are positioning and explaining their digital abilities throughout the account opening process.
These studies brought us to four key takeaways:
- Banks require a behavior-based segmentation approach to understanding and supporting clients who’re at different stages of transition
- Banks will need to take a positive method of digital education centered on showcasing the need for embracing digital to heavy branch users
- Further digital migration will improve customer experience as customers of stripes exhibit greater enjoy using digital channels
- The function of human channels will shift to some concentrate on advice and support of complex needs