Culture of impatience impacting consumer expectations

No longer just a luxury, speed has quickly made the transition from being a ‘nice-to-have’ to a ‘need-to-have’ across all industries. The demand for instant gratification has made retailers rethink delivery options. Smartphone apps have changed the way consumers connect with taxi alternatives, make a reservation at a restaurant and even arrange a date. Entertainment can be streamed to a TV or a phone in seconds. Consumers are becoming less patient.

This need for immediate gratification has also impacted the banking industry. Spurred on by a surge in banking innovation, a new generation of consumers continue to raise expectations to greater heights. Long wait times and limited customer service options are quickly falling out of favor as new technology — such as mobile banking apps, peer-to-peer transfer services and online banking — responds to a consumer base that is perpetually impatient.

Millennial consumers specifically often trade face-to-face interactions at their local bank branch for the speed and convenience of digital alternatives. In fact, mobile banking transactions are expected to more than double by 2022, while visits to retail bank branches may decline as much as 36% during the same time frame. And it is not just the Millennial generation. Consumers of all ages are increasingly choosing digital alternatives rather than visiting a branch.

 

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