The New Digital Demand in Retail Banking
From Customer Experience to Engagement Across Life Moments
____
Oracle Financial Services Global Retail Banking Survey 2018

The digital switch is complete

Your consumers now demand more at each stage of their life

  • OPENING AN
    ACCOUNT

    60% want to open a bank
    account online as consumers
    expect better and convenient
    experiences.

  • PAYMENTS AND
    TRANSFERS

    86% want to make payment and
    transfers on digital channels due to
    good digital service experiences.

  • PERSONAL OR
    MORTGAGE
    LOANS

    68% want to take up a personal loan online
    while 62% want to take up their mortgage
    loans on digital channels.

  • PERSONAL FINANCE MANAGEMENT AND INVESTMENT SERVICES

    Lowest satisfaction on rate in this stage.
    More than 40% of customers think non-banks assist them best at this stage.

Bank Businesses Face Higher Risk of Erosion

Consumers are becoming increasingly receptive towards new digital platforms hence, bank
businesses may face risk of erosion should they not meet their consumer's expectation.

75% and above

65% and above

55% and above

54% and below

Countries with consumers who are receptive to new digital platforms

THE FOUR DIGITAL CONSUMERS OF TODAY

The Explorer

The Explorer grew up in the digital age and are
tech-savvy. Due to this, they expect things to be done in
an instant digitally. Their lives revolve around social
media and thus they are highly – and easily– influenced
by these platforms.

Curious
Open-Minded
Resourceful
Impressionable
Explorers prefer banks that possess these attributes:
Simple digital
service experience
Explorers are used to everything
being instant, hence they need more
help with tasks like opening an
account. Banks can do so by making
their digital service extremely simple
and effortless.
Easy access to
expert assistance
Explorers are used to having things
done instantly. This means they may
need help due to lack of experience.
Banks need to ensure Explorers have
convenient access to direct assistance.
Good transfer &
payment services
Explorers consider digital
non-banks as a real alternative for
transfer and payment services as it
is simple and
instant. Banks need to ensure their
transfer and payment ser-
vices are satisfac-tory for digital
native customers.

To put together the report, we surveyed:

5,200

Consumers

/

13

Countries

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