As with nearly every other industry globally, retail banks are undergoing unprecedented disruption, reshaped by changes in technology and consumer expectations. From the threat of disintermediation by Big Tech and nimbler fintechs through to the need to capture new revenue opportunities in payments and lending, the challenges facing these firms are many and complex – and none more so than the ever-changing (and rising) expectations on the part of customers as to what constitutes great customer service. Customers expect to be able to do things quickly, at a time of their choosing, and mostly digitally.
All this means that banks have been busy transforming themselves, moving data to the cloud, redesigning and digitising customer journeys and reskilling colleagues. Management teams are prioritising agility, innovation and experimentation. But there is a problem: rapid transformation can leave many customers behind. The UK’s banks face the challenge of transforming (fast) but in a way that protects their most vulnerable customers and keeps increasingly active regulators happy. A new playbook is needed.
Read our full paper to find out more about the four big shifts driving increased customer vulnerability and our 12 playbook recommendations.
Download our whitepaper to learn more.
