World retail banking reports customers need banking applications on their mobile phones

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World Retail Banking report has shown that bank customers want their banks to provide applications on their mobile phones according to the recent report.

The report states, “Today’s customers seek on-demand service and expect banks to booth, anticipate and address their needs with precision and expertise”. It further suggested that the findings were prompted by competition from non-financial services and technologies.

Banks are now set to customize applications for their clients based on their want and urgency if the World Retail Banking Report is something to go by.

Focus now shifts on financial institutions to see whether any technological changes will be implemented to counter competitors who are believed to use convincing methods in accessing more clients through their mobile application services.

It is stated in the report that traditional banking is increasingly losing its grip as customers go for digital method of banking which they deem to be easy and simple.

The report further states that most customers have access to social media where they lodge their frustrations whenever they have a bad banking experience. This is believed to harm any financial institution mentioned and in turn play well for its competitors since they will adopt its shortcomings to deliver a better, simpler and satisfying service to these customers.

World Retail Banking (WRB) report from Capgemini  and Efma found that positive customer experience was low and suggested that banks should come up with ways of dealing with disruptions from competitors  in the market.