Levels of trust
Accenture research shows consumers tend to trust banks more than many other businesses – but there are levels and layers to that trust. The levels of trust is high in banks to manage and secure customers’ financial data and their ability to manage transactions but people are far less confident banks are looking after their best interests and long-term financial wellbeing. This indicates a level of scepticism that the interests of banks and their customers are truly aligned.
Fintech start-ups have exploited this lack of advisory trust, luring customers with a “we’re in this together” tone of voice and advisory approach, backed up with digital and mobile-based services that make sourcing, sending and spending money easier. For example, eliminating fees and providing insights for longer-term needs like retirement planning.
Most consumers surveyed wanted more proactivity and personalisation in the interactions, recommendations and advice from their bank. Accenture believes in a strong opportunity to drive enhanced customer trust, through purpose-driven banking – establishing win-win relationships anchored on the premise banks are acting in the customers’ best interests, being more useful and developing new revenue streams from those new value-added services.
The research suggests there is an upside, with potential revenue growth of up to 11 per cent in Australia, if customers can be persuaded to see their bank as an advisor rather than just a transaction processor, more than offseting the short-term revenue at risk.
But in order to capture those potential gains, it’s key for banks to evolve from campaigns triggered by their needs, to smart customer-centric journeys triggered by the customer’s needs and behaviours. While money management is a good start, consumers want to go beyond product and focus on experiences.
So, banks need to mobilise end-to-end teams that aren’t confined to product silos to be sure the experience is complete, total – and aligned with customer priorities of speed and efficiency, adding additional services from third parties if needed.