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Understanding Empathy at Scale and Impact on the Future of Retail Banking Customers

Published by IDC Product code 1002033
Published Content info 11 Pages
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Understanding Empathy at Scale and Impact on the Future of Retail Banking Customers
Published: April 23, 2021 Content info: 11 Pages
Description

This IDC Perspective discusses the future of the retail banking customer. In this document, we highlight a model of interactions between customers and banks through the prism of technology and prepared a framework for a deeper look at the ways in which customers, technologies, and financial institutions continue to define this dynamic relationship with the end goal of being empathetic at scale."The concept of being empathetic as an organization is nothing new; however, when looking at a customer and assisting them with their financial journey, being empathetic might seem to be an impossible task as more and more transactions move away from in person to a more digital and technology-filled experience," said Marc DeCastro, research director, IDC Financial Insights. "Fortunately, there are numerous technologies available today and in development to help drive those experiences using contextualized data, AI, and mobile solutions to create personalized digital and in-person experiences promoting loyalty and creating long-term profitable relationships."

Table of Contents
Product Code: US47617221

Executive Snapshot

Situation Overview

  • Banks Prioritizing Customer Experience
    • Technology Plays a Key Role in Banking Customer Experience
  • Defining the Future of Retail Bank Customers
  • The Future Starts with the Customer
  • Experiences Are Created Through Data and the Prism of Technology
  • Business Outcomes Are in Equilibrium with the Customer Desires
  • Adoption Waves of Future of Digital Retail Bank Customers
  • Bottom Line: What Does It Mean?

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