The IBM study found that while banks can satisfy the most basic customer demands, banking executives are far too optimistic as to how well they meet their these basic consumer needs today. While 62% of retail banking executives indicate their organizations are able to deliver an excellent customer experience, only 35% of retail customers share this view … a 27% gap!
For wealth management, the gap was even greater, at 41 percentage points. Fifty-seven percent of wealth-management executives believe they provide an excellent experience, while only 16% of wealth-management customers agreed.
While banking did better than bankers anticipated on capabilities like timelines and consistency, the industry falls short in the key areas of creating a personalized customer experience across interactions (45% for bankers, 30% for customers), and encouraging customer loyalty (48% for bankers and 35% for customers).
Customer trust is also overestimated by banking executives surveyed. As many as 96% of bankers believe their customers trust them more than other non-bank competitors, while only 70% of customers agree. Fewer still (67% of customers) trust their primary bank compared to other bank competitors.