Your browser is not supported.
The latest version of Safari, Chrome, Firefox, Internet Explorer or Microsoft Edge is required to use this website.
Click the button below to update and we look forward to seeing you soon.Update now
On both sides of the Atlantic, mobile-first, online-only banks (“challenger bank” or “neobank”) have been taking both market share and mindshare away from legacy banks. The disruptive innovation of these new entrants has been underpinned by a focus on customer experience targeted at tech-savvy Millennial and Gen-Z customers. By doing away with traditional touchpoints like branch locations and contact centers in favor of beautifully-designed, intuitive apps, challenger banks have been able to deliver a superior experience at a fraction of the cost-to-serve.
The UK has been a pioneer in the mobile-first banking disruption, thanks in part to a strong heritage in financial innovation and open-banking regulatory support. UK challenger banks like Starling, Monzo and Revolut have taken a significant market share from the legacy banks, with 1 in 3 millennials in the UK (and 1 in 5 customers in total) already considering a challenger bank to be their primary bank.
Now, mobile-first banking is growing rapidly in the US, with the likes of Chime and Current gaining increasing market share. This is especially true in the wake of the Covid-19 breakout, where companies have had to adapt to service customers entirely online, or over the phone.
Mobile-first banks have been so successful in disrupting legacy banks partly because of their ability to offer a greater customer experience for a lower cost, namely through intuitive mobile apps and other digital channels like FAQ-driven chatbots.
However, when it comes to money matters, even the digital native customers still prefer to communicate by that most immediate (and expensive) of channels – voice. And where challenger banks have excelled at cost-effective customer experience in digital channels, the relative lack of innovation in the voice channel presents a daunting obstacle in their disruption of legacy banks.
Numerous research shows that the telephone is still the most preferred channel of customer contact. More than 60% of all customer interactions are still carried out through the voice channel. This is particularly true in the banking sector, which employs about 40% of all contact center workers.
In our latest eBook, How Digital Banks Can Use Voice Automation AI to Sustain Disruption of Legacy Banks, we cover everything you need to know when thinking about implementing voice automation AI in your bank.
In the eBook you’ll learn:
Fill out the form below to download your eBook now.