There are so many industry reports about banking trends out there that it can be hard to sort through the noise.
Sometimes I try to apply heuristics. This one’s published by McKinsey, so that means it must be good, right? Shoot, it’s only three pages with no graphs. This one is blowing up my twitter feed, so I guess should check it out? Darn, it’s 10 pages of fluff that was promoted by a press release. Hmm, does itsy-bitsy text mean that it’s more informative?
When I find a good report I carefully file it away, to share it with colleagues looking for market insight and to use as a source of plagiarism (ahem, inspiration) for blog posts like this one. One of my favorites is Bain’s annual Customer Loyalty in Retail Banking report, which uses data from a multi-country customer survey to identify trends in consumer satisfaction, engagement, and channel preferences.
One of the reasons I like it is because it’s global. Usually we’re joking when we say that American banks and credit unions have a “herd mentality,” but on some level I really do think it’s true. Comparing and contrasting American data with data from other countries provides some great perspective on what American institutions could do better as a whole.
Here are my top three insights from the November 2013 report:
1. The US isn’t as digital as it could be (but Europe is worse)
I generally interpret progress as one big race to catch up to Scandinavia, because let’s face it, they’re the best at everything (Just go spend 5 minutes with the Economist Pocket World in Figures). This chart shows that the goal is to catch up to Scandinavia in banking, too, and that the future is online and mobile. Plus it’s so pretty; it’s the kind of chart that just makes me go:
2. Andera’s goal, specifically, should be to make the US more like Germany
The difference in the size of the red block for the US and the red block for Germany is the opportunity gap for online account opening. (Shameless self-promotion: help close the gap today!)
3. Everyone should try to be more like USAA
USAA is the best at mobile:
USAA is the best at every product ever:
USAA is so great it great it’s got it’s own freakin’ page in the report:
There’s lot more great data in the original report, and your top three might not be my top three, so I encourage you to check it out. Can’t wait until next year!
Melanie is a member of the first class of Venture for America, a two-year fellowship that seeks to revitalize American cities through entrepreneurship by matching recent college graduates with start-ups.You can reach her at firstname.lastname@example.org or on twitter @mfriedri.