Consumer power and choice is growing; banks must respond with personalized, secure and convenient banking

Last updated: 19 March 2014

In our modern world of increasing competition and choice, greater power lies with the consumer than ever before. This is by no means a new trend; consumer power has been rising for many years now, and as Simon Mainwaring of Forbes pointed out back in 2011, consumers are now able to influence brands significantly. Banks aren’t immune from this; banking choice and consumer freedom in this area is continuing to grow.

A bank’s services, security, convenience, and overall customer care can now be compared and analysed easily with just a few clicks online or taps on a smart phone. In particular, mobile banking has changed the game drastically and is showing signs of further growth, even potentially beyond ATM banking.

So what can banks do to win over new and retain existing customers in an environment of increasing choice and brand/banking disloyalty? Steven Van Belleghem of B2C has highlighted “treating customers well” as his number one solution, and I couldn’t agree more. But how do you ensure a high level of customer care? The key has to be a personalized approach to consumer banking.

Consumers appreciate a personal service tailored to their needs. This is understandable when you consider how in a world of over seven billion people, it is incredibly easy to lose a sense of individuality; this loss could be from sharing an overcrowded train carriage or from being indistinguishable from your fellow banking consumers.

GEM personalized card

The antidote for this is personalized banking, which is now an effective way to preserve a customer’s individuality and loyalty. This new service, which is being demonstrated at GITEX this week, is essentially embracing consumer choice in banking and showcasing convenience at the same time. Speed, ease of use, security and cards on demand are now crucial for consumers; and when you combine these with a personal solution to cards, you get a potent mix of consumer banking services which strive for loyalty and satisfaction.

If you’re at GITEX, and would like a chance to see these solutions first hand, come and visit our stand (Hall 7, booth A7-35) for a live demonstration. And if you like what you see, tell us about it via Twitter. Tweet us (@Gemalto) with your thoughts on life-changing technology and comment  on which of our demonstrations you find most intriguing and why. Use the hashtag #GemaltoGITEX to make sure we see what you’re saying. You could even win an iPad for your insight…