Banks look to close the expectation gap with data, real-time infrastructure, and human judgment
To meet rising customer expectations, banks are leveraging data, real-time infrastructure, and human judgment, as articulated by Brian DuVal, President of North America at Temenos. Customers compare their banking experiences to the seamless services offered by companies like Amazon and major travel platforms, highlighting a significant expectation gap in the financial sector.
DuVal emphasizes that banks need to innovate and adapt to these expectations in order to remain competitive. The challenge lies in transforming legacy systems while integrating advanced technologies to offer a more streamlined customer experience, akin to those in retail and service industries.
Key takeaways
- ▸Banks face a growing expectation gap compared to consumer experiences in retail environments.
- ▸Temenos advocates for the integration of data and real-time systems in banking.
- ▸Enhancing customer experience requires adaptation and innovation from traditional banking practices.
Why this matters
As customer expectations evolve from other sectors, banks that fail to innovate risk losing market share to more agile fintechs. The emphasis on real-time data and personalized service will likely shape competitive dynamics, compelling traditional banks to invest in technology to close the experience gap and retain customers.
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