What is ‘customer mind-share’ ?

There was a time when banks were comfortable in their markets and dictating terms as customers didn’t have any special expectations and remained loyal to banks with decent banking experience.

Now the table has turned! Customers expect personalized and quick banking experience and service as they get from other domains like E-Commerce.

What is customer mindshare?

Customer mindshare not only takes customer experience about actual products and services into account, but also bank’s physical footprint, digital experience and impact of bank’s marketing efforts.

What are the evolving customer expectations from banks?

End-to-end digital banking experience:

Around 75% of the bank customers from developed countries prefer digital banking and digital payments over traditional and physical banking experience. Banking customers expect same level of seamless digital experience from financial institutes as they get from digital platforms in entertainment and other domains.

Non-bank firms like Fintech are giving banks run for their money as they are looking to provide great digital financial experience to customers.

Personalized attention:

Although customers now prefer digital channels, they still expect personal attention from bank staff when they visit banks physically for some complex decision making like loan applications etc. Also on digital channels they expect products and experience customized specifically for them. So banks need to handle this digital-manual balance.c