Customers Will Pay More for Faster Service: What Are Banks Missing?
Studies indicate that banks that consistently invest in improving the customer experience achieve growth rates 3.2 times faster than their competitors.
According to a PwC report, 86% of customers are willing to pay more for a better service, while 82% confirmed they are willing to share their personal data in exchange for a more personalized banking experience.
The customer experience in the banking sector is no longer just an added perk; it has become a key factor in building trust and fostering loyalty.
It can transform customers into “brand ambassadors” who recommend the bank’s services to others.
This gives innovative financial institutions a competitive edge over their less agile counterparts.
What Do Today’s Customers Expect from Banks?
Studies reveal a set of priorities that have become core demands:
Speed and Convenience: 79% of customers are willing to pay more for faster and easier transactions.
Personalized Experience: 71% prefer services tailored specifically for them, while 76% feel frustrated when personalization is absent.
Omnichannel Integration: Over 62% of customers want a seamless transition between different channels (app, website, or branch), and 40% might leave a bank if it doesn’t offer their preferred communication channel.
Context in Interaction: 70% expect customer service agents to be fully aware of their transaction history to speed up solutions.
Digital Channels: 84% rely on online banking, and 72% frequently use mobile apps.
The Human Touch: Despite the rise of AI, a segment of customers—especially older generations—still prefer interacting with human employees.
24/7 Access: 89% of customers consider round-the-clock availability of banking services a fundamental pillar of a good banking experience.
Why Are Some Banks Slow to Innovate?
Despite the clear need, global reports show that 74% of banks’ budgets in Europe and North America are spent on maintaining legacy systems, such as those built on the COBOL language, which are still used for 80% of direct transactions.
In addition, strict regulations, such as Anti-Money Laundering (AML) rules or Know Your Customer (KYC) requirements, pose a hurdle to introducing new technologies or services.
Another factor is internal bureaucracy, as major decisions need to pass through multiple administrative and regulatory levels, which slows down the pace of change.
Furthermore, large banks that already generate massive profits from lending, deposits, and payments may not see innovation as an urgent priority, unlike fintech companies and emerging digital banks that are focused on providing a seamless and integrated banking experience.
