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Financial services


The customer engagement imperative: What banks can learn from the FinTech playbook

While banks have plenty of data to deliver these experiences, most lag their FinTech and Big Tech competitors. The challenge is that it’s hard to get there from where many banks are today.

Highlights from the Capgemini and Qorus World Retail Banking Report 2022:

  • Banks that meet changing customer expectations with personalized experiences that are fun, engaging and omnichannel can increase acquisition, engagement and loyalty and keep pace with agile Fintech competitors.
  • Incumbent institutions should invest in big data analytics and AI/ML solutions to orchestrate omnichannel customers’ journeys that provide relevant messages and offers based on their customers’ real needs and preferences.
  • CMOs have become customer strategists, using data-driven insights to design hyper-personalized, automated experience to drive growth.

Key Highlights

Highlight 1

Create connected customer experiences

Customer expectations from their digital interactions are rising and banks are not keeping pace. Nearly half of respondents in our Voice of the Customer survey said their banking relationships were neither emotionally connected nor well-integrated into their lifestyles; 52% said banking was not ‘fun’. Many respondents also say their banks don’t offer the seamless experiences, value for the money and innovation they want from their digital relationships.

Modernize infrastructure to optimize data-driven growth

Structural challenges keep most banks from fully leveraging data-driven analytics to attract customers and grow relationships. In our executive survey, 95% said outdated legacy systems and core banking modules inhibit efforts to optimize data- and customer-centric growth strategies, while 80% agreed that underdeveloped data capabilities hinder customer lifecycle process improvements. For example, 82% said they have difficulties identifying new customer segments; 55% struggle to provide seamless onboarding experiences.

Accelerate platform learning and integration to compete

Ecosystem platforms are emerging as a promising way to fill capability holes or expand revenues, but banks are still learning the ins and outs of platform innovation. In our executive survey, 78% worried about cannibalizing products through ecosystem partners, while 72% struggled with preventing brand dilution. Maintaining ecosystem exclusivity for partners was cited as a challenge by 53% of respondents.


Executive Steering Committee


Frédéric Chanfrau
EVP & CIO Commercial Bank, Payments & Salesforce Services
Citizens Bank

Michael Anseeuw
Executive Director, Retail Banking
BNP Paribas Fortis

Olivier Guillaumond
Global Head of Innovation Labs and Fintechs


Alexander Weber
Chief Growth Officer

Christopher Young
Director, Financial Services Industry Strategy

Sylwia Linden
Vice President, Marketing

Travers Clarke-Walker
Chief Commercial Officer
Thought Machine

Wilson D’Souza
Chief Technology Officer

Zac Maufe
Managing Director, Global Financial Services Solutions
Google Cloud


Helene Panzarino
Director, Centre for Digital Banking and Finance
The London Institute of Banking and Finance

David Reibstein
The William S. Woodside Professor and Professor of Marketing
The Wharton School, University of Pennsylvania

Raghuram Iyengar
Professor or Marketing, Faculty Director
Wharton Customer Analytics (WCA)

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