Amit Hilel’s Post

Revenue from GenZ in banking will triple until 2027 - How can traditional banks win over Gen Z?   To ensure #GenZ doesn't become a lost generation, established banks must engage this crucial demographic now. Our latest BCG report highlights the significant growth opportunity GenZ represents for the banking sector. This digitally native, always-online generation is heavily influenced by social media and demands seamless user experiences, personalized services, and mobile-first solutions. Traditional banks risk missing out if they don't adapt quickly. They need to innovate their product and communication strategies to align with GenZ's preferences for freedom, personalized financial products, and sustainability. Now is the last chance for traditional banks to attract and retain these young customers, ensuring long-term growth and relevance in the evolving financial landscape. Gen Z willingness to switch banks currently is still 7 times higher compared to traditional clients - at a fraction of regular customer acquisition cost.   For more insights, read the full report here: https://lnkd.in/d5XsQX5Y #BCG #FinancialServices #DigitalTransformation Achim Kaucic Holger Sachse Dr. Jasper Barth Holger Sachse Akin Soysal Marc Pöpsel-Schalück

Did you know that 64% of consumers would switch to a different brand if their experience isn't personalised? This underscores the critical importance of delivering tailored digital banking experiences. As digital transformation reshapes the financial sector, adopting cutting-edge strategies is essential. Dive into our latest eBook, "Frictionless Future: Harnessing Data to Deliver a Personalised Customer Experience," created in collaboration with iSky Research. In this comprehensive benchmarking study, you'll discover: ✅ The digital transformation imperative: Why adopting a customer-centric approach is crucial for staying competitive. ✅ Success stories from leading banks: Learn from industry leaders like Trust Bank, Discovery Bank, BBVA, and Nubank on how they enhance customer satisfaction and engagement. ✅ Key areas for improvement: Identify opportunities for further enhancement in digital self-service channels, financial management, communication, and account services. ✅ Strategies for building a winning digital experience: Gain insights into best practices and golden rules for digital customer engagement. Get access to the full eBook here: https://lnkd.in/e684Ywag #DigitalTransformation #Banking #CustomerExperience #Innovation #FinTech

You cannot afford to assume you are unique, the best or a must have… If you are not focussed on your customers it could lead to disaster Failure to deliver superior experiences that engage customers and resting on your laurels or even your past glory is a pathway to obsolescence A great recent example of this is in the banking industry, where for years like many monopoly-like thinkers, high street banks cared not one bit for customer experience or about retail customers at all. And then along came the online banks to challenge the market and they quickly worked out that one way to break the stranglehold and overcome trust barriers was to become more famous for their customer focus So, fast forward to today where it is no surprise really that the latest rankings for customers opinions of banking have Monzo & Starling at the top And many more traditional names lagging behind They offer a superior customer experience to their old school banking competitors, and it is then unsurprising that they are all recording higher levels of recommendations and new customer growth because of it. And why didn’t the well-known names pick this up and beat the emerging competition with all their brand might? Because they had no idea how. They never set their businesses and processes up for customers, it was always what they wanted to do or existing industry approaches And history is littered with more brand names that have failed or lost their prime market positions because they did not focus on customers’ needs and wants soon enough So don’t leave it up to chance, don’t rest on thinking you have a great product or unbeatable service… Make sure of it by becoming even more customer focussed than you are today How will you ensure that you stay ahead of what your customers want and need in the future?

"We need to be more differentiated." "We need to do a competitive audit." It makes sense at first glance. You need to know what to be different from. But what your competition is doing should be the baseline. Not the horizon. This is a particular challenge in financial services for some reason. Most times I talk to retail banking leaders, their concern is differentiation. Their customers don't see a meaningful difference between them and the others. They know it impairs acquisition, retention, cross-selling, margin. But across the sector, Bank A sees Bank B has a new "personal insights" widget or "financial wellness" tracker in their app and they just can't not have one too. Then no one notices. Nothing grows. Your customer's problems and projects live in a much bigger ecosystem of ideas, behaviours, and actors than you and your sector alone. Why make the competition your ceiling, when you could lead and grow in a way bigger marketplace?

💡 Read our latest thinking on creating compelling personalized digital customer experiences in banking and learn which capabilities financial institutions around the world are prioritizing in their bid to wow their customers. Talk to us to learn more! Yves Roesti Rahul Bansal Andreas Neidhart-Lau Fraser Wilkie Neel Chomal Mark Donohue Zhenghui Lok Yi Zheng Goh

Customers demand a seamless, frictionless, and hyper-personalised experience across all touchpoints, and 64% of consumers would switch to a different brand if their experience is not personalised! Dive into our latest eBook, "Frictionless Future: Harnessing Data to Deliver a Personalised Customer Experience," created in collaboration with iSky Research. #FrictionlessExperience #HyperPersonalization #CustomerExperience Synpulse Synpulse8

Need to learn how to evolve your branch experience or build a bank brand primed for growth? This spring and summer, banking leaders will convene at the country’s the most influential conferences, where they’ll get the chance to see Adrenaline’s experts Gina Bleedorn, Juliet D'Ambrosio, and Ben Hopper presenting on the industry’s most compelling and consequential topics. #branchtransformation #retailbanking #brandgrowth

🚀💡 From Piggy Banks to Pixels: The Digital Revolution in Consumer Banking 🏦🌐 This week, #BoltChatAI dives into the dynamic world of banking, exploring the shift from traditional to neo/challenger banks such as Monzo or Revoult. We're examining why an increasing number of people in the UK are opting for modern banking solutions and what this means for the future of finance. Join us on this financial journey: 📱🔒 Discover why the seamless setup, user-friendly mobile apps and security features of neo/challenger banks are winning over customers. 💳🌍 Explore how features like instant notifications, no overseas spending charges and virtual cards are redefining convenience. 💰🔄 Learn how innovative budgeting tools and savings pots help customers manage their finances more efficiently. 📊 Dive into our full report for an in-depth analysis of consumer banking perceptions👉 https://lnkd.in/euFZnw_W Visit us at www.boltchatai.com #Insights #Report #BankingInnovation #ConsumerInsights #MarketResearch #DigitalBanking

Aussies Want Personalized Banking - But How? 🇦🇺 A new report by Publicis Sapient dives into 🇦🇺 Australian customer expectations for banking in 2024. Here are the key takeaways of what Aussies want: 🛃 Personalized Service: Customers crave experiences that understand their unique financial situations. Many still see physical branches as key to achieving this. 📲 Digital Convenience: There's a growing demand for digital banking, especially in areas like customer service, account management, and financial planning. 💸 Cash Still Matters: Don't underestimate the importance of cash for many Australians. Banks need to find a way to offer it even as branches become less frequent. The Challenge: Balancing Innovation with Trust - 🇦🇺 Australian banks need to find a way to bridge the gap between the desire for personalized service and the digital future. Striking the right balance between physical and digital experiences, while responsibly implementing AI is crucial. Download the full report here 👉 https://lnkd.in/dCr6g-AZ