KPMG report tasks banks to digitise to capture millennials

Banks can only survive in the highly digitised era if their product offerings are designed in a way that meets the preference of millennial (anyone born between 1981 and 1996), according to a new KPMG report.

The report titled: “Heightened customer expectation in the new normal and beyond,” said that the future of customer experience will be insight-led, digitally-enabled and would require customer-centric culture as well as compelling value propositions.

“Banks must deploy cross-cutting customer strategies that are born out of data analytics about customers as an essential tool for growth. Data is the new oil and digital is the icing on the cake,” Robert Dzato, KPMG’s Financial Services Strategy Lead, said in his presentation on the report.

The 2020 KPMG Banking Industry Customer Experience Survey also showed customer’s drift from banks’ branch usage to digital channels and internet banking.

It also identified resolution, integrity, empathy, expectations, personalisation and time and effort as the six key pillars to drive seamless customer experience by the banks.

According to the report, millennials remain the biggest catch for banks that want to leverage digitisation to drive growth and profitability.