Digital CX – The new growth engine in Retail Banking


The number is striking: 38% of users consider customer experience (CX) to be the most important criterion when choosing their bank. A joke says that millennials would rather go to a dentist than a banking branch. There are no statistics to support this, of course, but here’s the reality-check: younger generations – especially GenZers – have been exposed to gadgets, apps and social networks from their earliest days. They make up a tech-savvy, mobile-first generation.

What you'll find in this whitepaper:

  • How can Retail Banking meet consumer expectations in the new digital reality?
  • Why is the GenZ segment of customers so important to banks?
  • What is personalised onboarding – the journey as it should be?

A PwC survey1 of almost 10,000 representative consumers in Europe revealed that GenZers used online channels to:

  • transfer money
  • pay invoices
  • apply for credit cards

On the other hand, they are emerging as a powerful generation of future consumers all over the world. Older and younger GenZers combined already represent approximately 40% of the USA’s consumer purchasing power, writes The Financial Brand2, quoting industry research. By 2025, the group will make up a quarter of the Asia–Pacific (APAC) region’s population — the same as millennials (born 1980–1995), McKinsey3 projects.


Key findings

route 40%

GenZers use online channels to transfer money.

bars 34%

GenZers use online channels to pay invoices.

lines 18%

GenZers use online channels to apply for credit cards.

When does onboarding start? When does it end? “It might be 90 seconds for a mobile app, or 90 weeks for a large enterprise software tool. For most business-to-business software companies, 90 days seems to be a good timeframe”,

– Donna Weber
Customer Onboarding Expert

FintechOS is on a mission to transform how people engage with the everyday services they need. Using innovative tools and a deep understanding of the customer journey, our mission is to bring effortless, personalized experiences to everyone. We empower organizations to become truly customer-centric, helping them to adopt a data-driven approach, and consolidate critical data from multiple sources like databases or IoT devices.

download the whitepaper