Banks Must Improve Digital Offerings to Meet Customers’ Expectations

Banks face increasing pressure to improve the technological delivery of their services to meet middle-market companies’ continuously increasing expectations, according to Coalition Greenwich.

Even though banks have continued to invest heavily in their digital platforms, companies’ perceptions of their bank’s digital offerings have been declining since 2020.

However, Coalition Greenwich’s latest report revealed the deterioration in satisfaction has less to do with the quality of bank platforms and more to do with companies’ rising expectations.

When asked to provide feedback on their banks, more than 60% of companies with annual sales between $150 million and $2 billion describe their businesses as “digitally native”.

This includes businesses with core operations, business models, and customer interactions rooted in digital technologies and online platforms.

Therefore, banks must adapt to the needs of the increasing number of “digitally native”  businesses to stay relevant and competitive in an evolving market, according to the report.

Chris McDonnel, head of community, commercial, and digital banking analytics at Coalition Greenwich, said: “Satisfying the demands of these companies requires considerable effort and investment on the part of banks.

“Commercial banks need to continuously upgrade both their technology offerings and support to improve platforms, to roll out better mobile solutions, to offer flexible APIs, and — above all else — to provide strong security measures.”