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Survey Reveals Banks and Financial Institutions are Letting Customers Down
Banks and financial institutions rely on automation technology to onboard, engage, and connect with customers. But does that technology effectively support the processes that impact customer experience?
A recent Digital Strategies in Financial Services survey was performed by Gatepoint Research between May and August 2021 and found that even though customer onboarding is one of the most challenging aspects for banks, it’s only noted as their third most important priority. The survey also shows that 48% of executives say they want to accelerate onboarding and 33% want to improve it, yet it ranks low on their list — showing a strong disconnect between the data and executives’ beliefs about onboarding challenges.
The survey included senior-level Financial Services professionals to see how their current solutions are measuring up, and what they plan to do next to provide better service to customers, ensure compliance with regulations, and empower their employees.
The survey revealed:
- Top priorities in the next 12 months
- Most common channels of customer engagement
- Challenges to customer onboarding processes
- And more
What are your top three priorities and goals in the next 12 months?
Additionally, it was seen that executive management is not investing in the right innovative technology that can help with these challenges, which is ultimately causing this disconnect: less than half of respondents say they use artificial intelligence (AI), only two-thirds use robotic process automation (RPA), and only 10% use process intelligence technology. And while 50% say their automation investments are paying off, more than one-third don’t have the visibility needed to make informed, intelligent decisions about automation investment ROI.
Additional survey data included the following:
- Though 43% of respondents claim onboarding a customer can be…
