MuleSoft, provider of the leading platform for building application networks, today released a new global report titled Customer Experience and the Connectivity Chasm. Based on a survey of more than 9,000 consumers, the report analyses whether organisations are meeting customer expectations for a connected, personalised experience across industries and geographies. Disconnected experiences — the failure to personalize consumer data across touch-points and inability to provide information in a timely manner — were a recurring source of frustration for consumers.
Digital experiences are tipping the customer loyalty scales
The Customer Experience and the Connectivity Chasm report found that there is a growing willingness amongst millennials to switch banking providers in pursuit of better digital experiences. The report also highlights that in the era of open banking, millennials are the most willing to allow financial services providers to share their personal data with third parties to receive a more personalised experience.
Open banking becomes more widespread
The report revealed that the use of open banking services is becoming more common, and consumers are willing to share more personal data with financial services providers to receive a more personalised experience.
“Personalised experiences are highly valued among consumers, and consumers are willing to share more information to receive better services,” said Danny Healy, financial technology evangelist, MuleSoft. “This willingness is paving the way for open banking to truly take off, but many banks have yet to fully embrace the opportunities that are available to them. To maximise the potential of open banking and meet the demand for better digital experiences, banks must build an application network using APIs to collaborate with third parties, unlock siloed customer data and innovate faster. With this approach, banks will be able to harness open banking to deliver the personalized and digital experiences that customers crave.”
Disconnected experiences continue to hinder customer experience
The research reveals that financial services providers continue to struggle to provide a connected experience (e.g., knowing a customer’s preferences across all channels and providing access to the information they need within a timely manner). The industry is also battling against inefficient processes, which negatively impact the consumer experience.
“These findings are a clear warning that banks that fail to deliver connected experiences risk damaging customer loyalty and worse losing business to other providers who can meet these expectations,” added Healy. “With a growing number of consumers valuing the convenience of connectivity, traditional players must prioritise speeding up and simplifying their services. By building application networks using APIs, banks can unlock data from siloes and integrate legacy systems with new technologies. This API-led connectivity approach will empower banks to truly enhance the customer experience.”