By Dorian Wiskow, Client Managing Director, Financial Services, Fujitsu
If there was ever a need for further evidence that we’re seeing a power shift in retail banking in favour of customers’ demands, this is it – the Current Account Switching Service, launched on 16th September, has already facilitated over 35,000 customers’ moves between banks – and we are already seeing banks offering customers cash incentives to move.
In an article published this morning, ComputerWorld UK’s Matthew Finnegan states that the service could see five million more customers moving between banks in the next 12 months.
The technical capabilities of the system reflect the extensive benefits that banks updating their internal IT systems can bring – and how vital a role the IT department will play in meeting retail banking customers’ demands going forwards.
As part of our Reshaping Financial Services report, we spoke to 55 CIOs in the financial sector and they all told us that the need to improve the customer experience was one of their top three priorities for the next three years.
It’s therefore very encouraging that 17 high street banks and building societies have signed up to the switching service – despite the likely challenge of increased competition it will bring to the sector.
As well as infrastructure advancements such as this, CIOs we spoke to told us that the importance of mobile banking will increase exponentially in the next three years – with its key benefits being enhanced experience and customer loyalty.
This points to a need to really invest and deliver on promises in the area of mobile banking – it is essential to the on-going success of retail banks.
Increased integration into exiting distribution channels, improved relationship management, greater branch automation and streamlined application processes – all underpinned by enhanced technologies – will all have a positive impact on customer satisfaction.
Image credit: IntelFreePress
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