In the News
The increasing digitization of our global economy has fundamentally changed the way consumers and businesses interact. “On-demand” brands such as Uber have encouraged users to request and receive service directly from their mobile devices—no human contact required. This move toward more digitized and automated customer experiences has radically changed expectations for traditional brick-and-mortar industries, and banking is no exception.
Today’s connected, mobile world delivers instant gratification through “on-demand” goods and services.
The physical retail store experience rates tops in terms of retailer focus but personalizing the experience is not getting as much attention
When it comes to personalization, retailers’ ideas of their own capabilities are often inflated when compared to consumers’ assessments.
While e-commerce has attracted customers with a broader selection of products, lower prices and convenience, the importance of stores and store associates cannot be undervalued — especially when 85 percent of consumers still prefer to shop at physical stores, according to a survey by TimeTrade.
Despite improvements in the targeting of advertisements and retailers' ability to personalize websites and recommendations, the average consumer still feels their shopping experience isn't all it could be.
Despite all the attention being given to retail customization and personalization, most consumers see their shopping journeys as marred by inconsistency and impersonal service offerings.
Consumers today still crave one-to-one attention from their banking providers, and have a strong preference for in-person assistance when making major financial decisions such as first-home mortgages. That’s according to a study from TimeTrade.
Millennials' effect on the U.S. economy is only growing stronger. According to the Brookings Institute, Millennials will make up more than one-third of the country's adult population by the year 2020. Additionally, Millennials as a group are maturing, their wallet share is increasing, and they cannot be ignored.
Brick-and-mortar retail isn’t going away. That seems obvious. Even as mobile continues to loom large and e-commerce in general grows—some 20% at the holidays this year by some measures—let’s remember that Americans still shop in stores some 95% of the time.