Due to evolving customer expectations when it comes to service, organizations across a range of different industries are having to change their business models in order to retain and gain customers. One industry in particular that is learning this lesson is the financial services industry. When it comes to banking, there is always news of branches shutting down, more users using their mobile phones for banking and technology being used to make all transactions quicker and easier.
We recently came across a study that digs further into this trend: ‘The Future of Retail Financial Services’. The paper consists of a global study of 500 senior banking executives by Cognizant, Marketforce and Pegasystems. It dives deeper into the state of the industry, current challenges and their expectations for the near future.
It is clear that digital channels along with secure communications will play an increasingly important role. Statistics show that 64% of financial services organizations believe that a digital-only model is viable. Additionally, 70% of financial services organizations expect video chat to largely replace branch appointments within 5 years.
Despite the numbers, disruption in this industry could be restrained by legacy constraints and a historically risk-averse culture. This report looks at how technology needs to be leveraged and embraced by organizations if they are to continue to create efficiencies and to delight their customers.
You can access the full report here.
Or you can find out more about how TokBox is responding to the needs of the Financial Services industry here.