Banks do not want to understand their customers

ME PL Solution Salesforce Partner

According to the Salesforce’s report,

“49% of consumers say their bank doesn’t reach out to understand their needs”.

Source: link

Banks have a lot of valuable information about us, which – theoretically, should be used to create better, more personalized products that would cover all our needs. Meanwhile – as the report shows, it is not.

The report provides other valuable information on how banks are perceived by their customers. It is interesting, for example, that “73% of Millenials say that they would be more interested in the offer from Google, Amazon, Apple, PayPal, or Square than from their own bank”. Interesting, because Millennials have the largest share in today’s labor market. Lack of understanding the largest generation on the labour market, which will be the main driving force of the economy in every corner of the World for the years to come, is a serious mistake.

Striking is the fact that some relatively new industries are aware of the importance of understanding their customers, and banks, which have been with us almost since the invention of money as an ubiquitous medium of exchange – not. Perhaps the current phenomenon of the emergence of FinTech applications can be explained by people turning away from banks towards other, alternative solutions, e.g. various payment methods.

We are not pretending to be experts in the banking sector, our conclusions are based on the observation of the surrounding reality.

ME PL Solution Team

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