New entrants grab the CX spotlight
Digitally native, non-traditional FS players are testing the old guard and gaining market traction by offering a delightful customer experience. To meet these agile new entrants head on, banks need to urgently build data capabilities and expediate innovation by embracing Open X.
The financial sector is in the midst of historic transformation as nimble, digitally-native, non-traditional players challenge traditional banks. New entrants are prioritizing customer experience (CX) and redefining long-held banking principles to gain market traction.
Traditional banks vs new-age banks
World Retail Banking Report 2020
The World Retail Banking Report 2020 from Capgemini and Efma explores how retail banks are facing pressure to transform, as new entrants focused on customer experience gain significant market traction while the current pandemic environment drives consumers to digitally interact more with their banks. The report highlights the need for banks to evolve into platform-based models and transform their core to stay competitive.Download now