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Banking Sector Moving with the Times

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Nearly every business and the majority of individuals have an online presence nowadays. Online life has become an extension of our day-to-day activities, and we need only reach for our tablet or laptop to gain access to any service or information we require. The internet has changed and continues to change the way in which we live. In an age when customer service is everything, businesses are now competing with one another in a completely new environment.

According to a recent survey of 1000 people conducted by Fujitsu, it seems that the financial services industry has got it right. Not only did it turn out to be the most used digital service (67%), but it came out on top with customer satisfaction at 64% and tied with retail as the most-valued digital service at 63%. It seems that after the banking crisis, banks, building societies, insurance companies and others in the sector are focusing hard on responding to what consumers want from their financial services. That means presenting their products online and giving the consumer more freedom to do banking ‘on the go’ remotely and from a range of devices. With this comes the need to recruit talented individuals, whether that is in content management, digital design, digital marketing, mobile technology and other related areas.

Control in the Comfort of Your Own Home

It’s also an interesting point that the survey showed that retail online services came a close second to financial services in all categories of ‘most used’, ‘most popular’, ‘most valued’ and ‘customer satisfaction’. In the categories of ‘most popular’ and ‘most valued’, online banking and online shopping left all other services far behind – both scored over 60%, leaving Click and Collect a distant third with scores in the low 20s. Perhaps this is only indicative of modern customer expectations to be able to manage and spend their money at their convenience from wherever they may be.

A Service That Is Always Evolving

Although the trends Fujitsu’s survey highlights are not new, it does highlight the importance of needing to move with the times, whether it’s introducing more flexible banking or even modifying the brand. These days customers want banking at their fingertips, and the modern way of banking is all about connecting customers and their money in innovative and efficient ways. Now that banks and other financial institutions have begun to focus on mobile and remote banking, it’s likely that they will start to evolve new and different business models. The banks may have come out on top according to Fujitsu’s survey, but to stay there they need to keep ahead of the game. There’s no doubt that those who make use of the technology now will be in the best position to lead in the future.

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