When did you last use the ATM and how much did you take out? Are you sure? A new study says our recall regarding cash machines and other financial matters is more often wrong than right.
Every day new banking studies come out and look at customer expectations and behavior in the mew omnichannel banking world. Do customers like the branch or not? What features do they want in a mobile app and what features do they not use at all? This data is carefully studied by bankers and consultants and proclamations and predictions are issued as a result. Continue reading →
“One of the hard set, and many times hidden premise of customer analytics is that customers are rational. Well, they are not, and it is especially tangible in banking customer analysis. There are many underpinning data to this, yet data scientist still tend to believe that customers are making decision based on math. KYC – know your customer, and realize that majority of them are irrational.
We have done a small study with one of our client in banking, we tried to 1) segment and 2) scale the irrationality of the customers. Part of the job was to test their belief about their banking usage and reality, looking at the results, we were somewhat surprised to learn the incredible hiatus between their memories and reality: 1) Majority of the customers recalled their general ATM-usage wrong; 2) Vast majority of the customers had not even a general idea about the fees applicable to wire transfer; 3) A large part of the customers has not chosen the optimal package for them.”
My take: These assumptions, and the study’s findings, underscore the confusion that many marketers have regarding the concepts of rational/irrational and logical/emotional decision making. Continue reading →
EY recently released its 2014 Global Consumer Banking Survey. They surveyed more than 32,000 customers across 43 countries to evaluate 31 banking experience elements. As I read through it, I began to think how a community financial institution would turn what EY learned into action.
They parsed global financial services into eight different segments. “Each customer segment has different priorities, so developing targeted strategies requires careful attention to customer experience, channel preferences, priorities and behaviors.”
Einer kürzlich veröffentlichten Studie zufolge steht das klassische Filialgeschäft, nicht zuletzt durch die digitale Revolution, vor einem gewaltigen Umbruch und die Wachstumsaussichten sind eher bescheiden.
Mobile commerce is increasingly becoming a larger part of holiday shopping.
From 2011 to 2012, for instance, the number of minutes that consumers spent on retail mobile apps in December increased six-fold. That’s according to a new infographic from Sparked.
Also, in the last six months, almost three in four shoppers have engaged in “showrooming” — examining a product in a brick-and-mortar store and then buying it online for a cheaper Price. Continue reading →
Today’s banking and credit union customer is hyper-connected, highly informed and demanding a highly personalized approach with regards to communication, product development and customer service. These customers cannot be defined by a specific age or income category or geographic parameter, but by their ability (and desire) to adopt and apply new technologies to meet their banking needs.