CIO OPINION
Their “ frustration is quick to escalate when an expectation divide leads to bumps in the road – and bad experiences aren ’ t easily forgotten ,” the firm said .
PwC Australia found that customers also have a direct interest in the bank ’ s systems : “ Sixty-nine percent of surveyed respondents say that the most up-todate technology is an important factor in choosing a bank or financial product . Forty-five percent say that this will only become more important – flagging a potential battleground for banks when it comes to the new possibilities brought by technology and the speed it will enable .”
But in the general panic of the past year-and-a-half , technology changes haven ’ t necessarily been optimal , nor met customers ’ surging expectations . Accenture research found the ‘ rapid pivot to existing and hastily launched digital services ’ hadn ’ t hit the mark , and that trust in banks to look after customers ’ long-term wellbeing had dropped as a result .
Identifying the pain points
From working with retail banks through this period , in Australia and elsewhere , we see five common ‘ pain points ’ being experienced .
The first is slow system responsiveness . Some banks ’ systems suffer from latency issues when under high load . If a sudden spike in demand for a banking application or service causes it to slow down , customers may believe that is simply the status quo – that any time there is high demand , things will be slow , which is obviously not an impression banks want to make .
Some banks ’ systems suffer from latency issues when under high load .
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