Banking Customer Effort

Digitalize, But Keep Your Audiences Together!

Digital technologies are more powerful than ever and they continue to grow, transforming the way we see the world. Artificial intelligence, big data, block chain, digital payments, robot advisors, are just a few examples that are going to ease consumers’ financial experience. However, digital transformation is not just about introducing more technology, it is also about reimaging the relationship between financial organizations and customers.

Nowadays, most banks fail to capitalize on their investments in digital marketing and digital channels. Research shows that only 66% of personal banking products were deemed ready for online sale and fewer than 25% of wealth and business banking products were found to have online applications. Bankers have also unwittingly erected barriers that prevent certain customer categories from fully utilizing mobile and online banking services. Three big categories which must be taken into consideration when redesigning digital strategies, are seniors, non-native people and also Generation Z.

THE NUMBER OF OLDER PERSONS, AGED 60 YEARS OR OVER, IS EXPECTED TO MORE THAN DOUBLE BY 2050.

Globally, the number of elderly people is growing faster than are all younger age groups. According to data from World Population Prospects: the 2017 Revision, the number of older persons, aged 60 years or over, is expected to more than double by 2050 and to more than triple by 2100, rising from 962 million globally in 2017 to 2.1 billion in 2050 and 3.1 billion in 2100. Seniors represent 16% of the whole world population and they are about to become one of the most significant drivers of social transformations in the twenty-first century, being seen as increasingly important contributors to development.

Read the full article on Buyer Brain’s blog!

See also

What’s Next For Brick&Mortar Retail?

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The New Behavioral Science Approach to Winning Customers

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Why Customers Love It Easy

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