Contributed to by EY, The Way We Bank Now: World of Change report released by the BAA (British Bankers’ Association) finds that mobile phone apps are set to become the UK’s number one way to bank and this trend is also evident in Ireland. This annual report showcases the significance of digital technology in UK banking.
“The British public is voting with its thumbs. Being mobile-enabled is a must, not a maybe, and banks that don’t engage properly with mobile channels risk losing relevance in customer’s lives. The next frontier of in novation will be delivering an exceptional customer experience through mobile, across products and services, and going beyond banking.” – David Ebstein, Head of Digital for Financial Services, EY.
Other key findings include:
EY and Seren believe that making innovation happen means focusing on the customer:
Consumer behaviour and expectations have been irreversibly shaped by digitally native companies – the smartest banks are addressing this expectations gap, but the pace needs to accelerate.
Delivering winning customer experience has become the single most critical differentiator available to banks in today’s commoditised market. Only those who become truly customer-centric will be able to deliver an exceptional experience that wins and retains customers in the face of tough competition from both new and traditional players.
This timely and topical report, which looks outwards to other markets and highlights how banks outside the UK have progressed in their innovation journey, provide lessons and insights for UK banks. It also shows how UK banks have progressed since the last report and the advances made by the UK FinTech sector – now estimated to generate £20b in annual revenue.