Just half (51.1%) of customers across the globe are satisfied with branch banking services, according to a new report by Capgemini and Efma.
The report, titled World Retail Banking Report 2018 (WRBR 2018), says that overall satisfaction of banking customers across various channels continue to remain low.
Only 46.9% and 51.7% of the respondents said their experience was positive with mobile and internet banking, respectively.
The report also stated that the retail banking sector is facing new challengers in the form of open banking ecosystem and other emerging technologies apart from traditional competitions.
Nearly one-third (32.3%) of the respondents said they are open for big tech alternatives to receive financial services.
This percentage increased to 43% in the age group of 18 and 34 years, and to 53% among tech-savvy consumers.
The report also inferred that personalisation of banking services increases level of satisfaction among the customers.
It stated that 49.1% of the customers, who received digital services, were satisfied as against 39.5% who did not.
Capgemini Financial Services Strategic Business Unit CEO Anirban Bose said: “With FinTechs, BigTechs, and other non-FS firms finding their place in the market, retail banking today is all about the customer experience when interacting with their financial institution.
“As a new, open ecosystem – comprised of customers, traditional banks, non-traditional firms, regulators, and developers – takes shape, there is now a clear opportunity for banks to leverage digital transformation to retain customer relationships by re-inventing the customer journey and creating new revenue streams.”
The banking survey included data from more than 10,000 retail banking customers across 20 countries. It also includes interviews of 60 senior banking executives across 23 markets.