Why AI is key for Banks to get Ahead of Customer Expectations

It's no secret most businesses are playing catch up with their customers. Most organisations have a Customer Experience strategy in place, but our research reveals just 14 percent feel they are ahead of the market's expectations. The banking sector in particular is struggling in this regard. Competition from disruptive brands like Atom Bank, Monzo, and N26 has drawn people away from traditional institutions and towards more user-friendly platforms that cater to the way they prefer to do their banking. Customer retention has not traditionally been a major concern for established financial institutions, but this is quickly changing and they are now rushing to play catch up.