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Customer Expecatation

Consumers want financial products and services that provide value, have a good user experience, allow access anytime from mobile devices, and give helpful advice. Open banking will make it easier for consumers to compare options and switch between providers to get the best deals.

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Raghul Chamesh
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21 views

Customer Expecatation

Consumers want financial products and services that provide value, have a good user experience, allow access anytime from mobile devices, and give helpful advice. Open banking will make it easier for consumers to compare options and switch between providers to get the best deals.

Uploaded by

Raghul Chamesh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Consumers want the best financial products

The cost for a consumer in terms of time, resource and effort to switch from one bank to another – or to
a third party – will be massively reduced. People are naturally driven by wanting value for money, and
the open banking movement will make it easier to know if they are getting it.

People will be able to go to their chosen app, authenticate access to their bank, and aggregate all of
their financial information in one place. Sophisticated algorithms can show them if they can get a better
deal on banking products elsewhere, and payment initiation allows them to switch money from one
service to another in seconds

Consumers want apps with a better UX


Many people are used to digital channels making life easier on a daily basis, they will naturally be drawn
to the financial providers whose services can be delivered this way. For instance, many people want to
be able to manage money seamlessly on their mobile phone, on the move, without feeling restricted by
the actions they can take.

Consumers are willing to test and find the right services


The rise of challenger banks with unique selling points has made consumers smarter about spreading
their finances across different providers – to get the best service for any given situation.

While most people are not really abandoning their traditional bank accounts just yet, they are
supplementing them with accounts from digital banks

This way, they can take advantage of fee-free payments and better exchange rates when travelling or
sending money abroad. Or make day-to-day payments where spending and budgets can be tracked
easily, making people’s finances more manageable and more fun.

Customers want 24/7 access and frictionless service


As more and more people turn to the convenience of online banking and cashless payments, the knock-
on effect is felt throughout the banking sector as bank branches close and cash payments dwindle.

Consumers want access to great advice


Challenger banks, startups and Fintech are responding to a customer desire for better digital advisory by
imagining new types of intelligent financial services. And they all aim to do the same thing: give
consumers automated, digital advice. 

Right now, this could mean using AI to analyse customers’ financial data and recognize patterns in their
financial behaviour. By understanding customers’ needs and desires through all of life’s stages, they can
be offered a seamless service that makes financial decisions easier to act on.

Creating customer loyalty


From all of the ways expectations are changing, there is one clear message for any bank, startup or
Fintech wanting to attract customers and keep them: above all else, people want the best-value financial
products for their needs. If they can get the same deal from a provider that also gives them a better user
experience, they’ll switch in a heartbeat.

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