The most successful banks and financial providers have improved their services by focusing on customer experience and creating well-designed apps that let people do their banking alongside their day-to-day activities.
Despite this, our research shows that it’s not enough to stop there. Digital engagement has accelerated during the pandemic and 44mn customers now have baseline capabilities in managing their money online. However, when it comes to engaging with new, more complex product types, people lack the financial knowledge they need to make confident decisions with 62% of people looking elsewhere other than their bank for advice. By not educating customers, banks are missing an opportunity to build relationships, improve financial maturity and increase product and service uptake as a result.
If financial organisations want to create long-term value from both new and existing customers, they need to find a way to educate them about their financial lives and the products and services that can meet their changing needs. To do this in a way that builds trust, rather than compromising it, is a challenge.
In this report we discuss this issue, our findings and provide clear pointers for banks wanting to build even more meaningful relationships with their customers.