The World Retail Banking Report 2022

While banks have plenty of data to deliver these experiences, most lag their FinTech and Big Tech competitors. The challenge is that it’s hard to get there from where many banks are today. Highlights from the Capgemini and Efma World Retail Banking Report 2022:

• Banks that meet changing customer expectations with personalized experiences that are fun, engaging and omnichannel can increase acquisition, engagement and loyalty and keep pace with agile Fintech competitors.
• Incumbent institutions should invest in big data analytics and AI/ML solutions to orchestrate omnichannel customers’ journeys that provide relevant messages and offers based on their customers’ real needs and preferences.
• CMOs have become customer strategists, using data-driven insights to design hyper-personalized, automated experience to drive growth.