The Future of Banking Report

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Salesforce preaches what it teaches, always leading by example. It is an organization armed with great assets like books, reports, videos and a refined clear and powerful message.

Just over couple weeks ago Salesforce delivered the ‘2017 Connected Banking Customer Report’.

This particular report highlights that despite the growth in online banking, only 58% of customers had walked into a bank branch over the last month, and of the research, only 26% of customers strongly agree that their bank has their best interests at heart.

Supporting its core Salesforce, the Customer Success Platform, surveyed over 3,000 adults across USA and UK to discover today’s customer habits around retail banking, as they say:

‘As fintech companies disrupt the banking industry and provide consumers with new ways to borrow, lend and manage their money, retail banks are under more pressure than ever to meet the growing expectations of today’s digitally savvy consumers.’

A century ago we were, in retail banking and in any industry, more focused in execution rather than innovation. Life was more predictable.

Now things change more quickly so we have to ‘inspect & adapt’ more quickly and deal with greater uncertainty. Only learning organizations will keep up with the future.

‘To succeed, retail banks must develop customer-centric business models, engage via digital channels, simplify and connect their internal processes, and leverage the right technology tools to personalize relationships at scale.’

Key findings of the report

1. Fintech companies are disrupting the retail banking industry. Traditional banking seems to lack, at least perceptually, of innovation. Where Fintech companies are evolving to close the gap and/or solve the pain point of today’s customer.

2. Keep a sharp eye on trends of millennials vs baby-boomers. – Mobile use of 31% vs 6% – Bank apps 61% vs 24% – Fintech payment services 83% vs 62% – Switched banks in the last 5 years 29% vs 8%

3. Trust and Security around personal data are at the top of customers priorities. With recent political changes which generated uncertainty to customers, trust and security it is now even more highly valued. Although only 42% said that their bank checked with them in regards of service satisfaction.

  1. Customer do rely on digital and physical branches. Even for routine tasks there are a variety of uses to both options today, yet customers want to be able to do the same through digital channels.

Following the report, my advice to anyone with an interest in the Salesforce ecosystem is to closely watch the Financial Services Cloud. It’s current core of connectivity with the customer, wealth management and marketing journeys to have an even greater extension.

You can ask for a Salesforce Retail Banking Demo and find out more here.

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