Improving experience not increasing profits
The Capgemini Customer Experience Index (CEI) showed improvement in 2016 in close to all regions.
More than 85% of countries witnessed an increase in their CEI scores, with Japan, Netherlands, and Sweden recording the largest gains. Latin America, pulled down by the performance of Mexico and Argentina, was the only region to experience a decline in CEI.
However, only 55.1% of customers said they are likely to stay with their bank for the next six months and only 38.4% of respondents said they would referee their bank to a friend or member of their family.
Startlingly, only 15.9% of customers said they are likely to purchase another product from their bank.
Sullivan said: “Customer satisfaction has risen over the last two years, but the bad news is that it is not necessarily happening with the Gen Y, the younger generation still have much lower satisfaction levels.
“More importantly, those increased satisfaction levels aren’t necessarily translating into profitable behaviour. That increases significantly for fintech as 55% of customers of fintech would refer them to friends or family. The fintechs are finding that magic potion.”