Survey highlights

Customer centricity

Banks are doing too much telling, not enough asking. Banks should build their customer experience initiatives through digital activities to differentiate their business in the market and reap the benefits of this evolving consumer age. Socially engaged banking can help improve cross-selling, brand value, and the customer experience – while positioning banks for the market shift toward “the age of co-creation,” where consumers help develop the personalized products and services they want and for which they are willing to pay a premium.


Digital channels will continue their ascent. Today’s retail banks have evolved in recent years to offer a multichannel experience, enabling customers to interact with their bank in a variety of ways (such as online, at a branch, and through a call center). However, the customer experience may be inconsistent across channels. The preferred model for customers – the omnichannel experience – enables customers to interact with their bank seamlessly across channels, regardless of the transaction type or where they are in the process.

Simplification of business and operating models

Banks are still struggling to overcome legacy system complications. Banks have traditionally operated on legacy core banking systems that have evolved into complex core ecosystems with multiple stand-alone applications and integration points. This evolution is the result of ongoing compromises in the drive to achieve speed-to-market while keeping costs under control.

Information advantage

A fundamental lack of adequate tools and applications for many respondents. In our view, the ability to extract meaningful insights from large data sets is becoming a competitive advantage. Digital dexterity requires a combination of structured and unstructured data sources, both internal and external to the bank. As a result, banks cannot expect that monetary investments will automatically buy adequate insight, nor will they guarantee sourcing for data held outside the bank. One of the ways to derive value is to tap into the capabilities of those who can translate the mass of data into meaningful, actionable business insights. Banks that lack this capability will not be prepared to compete in a digital environment.


Prerequisite for long-term success. In our view, ongoing innovation is fast becoming one of the most important prerequisites for the success of financial institutions worldwide.

Risk and regulatory compliance: Room for improvement

Banks have invested heavily in securing customer identity, transactions, and data. Digital banking faces a constantly evolving landscape and new threats with the increased adoption of mobile and social media. Understandably, security remains a top concern for banks; it is fundamental to sustaining customer trust.