Rethinking banking: The need to adapt now, or fall behind irretrievably
Today, retail banking is facing more than its traditional share of challenges and opportunities.
We find ourselves in the eye of a cost-of-living storm, where customers will be depending on the sector for high levels of support, service – and empathetic solutions.
These need to be delivered alongside the wholesale restructuring of the retail banking estate: the re-alignment of bricks-and-mortar, phone and digital channels with evolving customer needs and expectations. And all this has to be achieved in parallel with defining new customer journeys, ones that both comply with, and exceed, the FCA’s new Consumer Duty outcomes.
Vulnerable customers also need special focus, both today and going forward: the bankless, people with disabilities, older generations, businesses and customers pressured by debt. Strategies that recognise these audiences’ often uncatered-for needs are likely to win banks’ loyalty and growth.
Whilst Capita undertakes regular retail banking research, now is an especially pivotal time. So we commissioned extensive quantitative research on how consumers behaviours and expectations are changing in today’s banking climate.
In the report from the research*, which you can download now via the form on the right, we cover:
the shift in banking priorities since 2020
the evolution of banking channels
switchers and serial switchers
the importance of humans and humanity in retail banking
the desire for ethical and sustainable banking
vulnerable customers: support where it’s needed most.
**Our research of 2,000 UK adults with a bank or building society account looks at all generations, from 18–23-year-old Gen X to those aged 75+, and the full suite of banking channels.