Retail banks are failing to improve communications with customers because legacy systems are holding them back, according to research from Coleman Parkes.
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The Xerox sponsored survey of 1,004 customers of 151 retail banks across Europe found that they are demanding more personalised communications and legacy systems do not allow this.
Over a third of all European consumers agreed that banks are too impersonal when communicating with customers and that they need to be more informal.
Mark Eldred, general manager of sales operations at Xerox Global Services, said banks also want a one to one marketing approach, but poor unstructured data, old document processes and lack of integration make it difficult.
According to the findings, 89% of banks recognised a need to personalise customer communications while 90% of the UK banks surveyed said more targeted messages will increase revenues.
Ian Parkes, director at Coleman Parkes, said banks cannot afford to be complacent. "Poor customer service (45%) and a major error by the bank (51%) are two of the top three issues that will drive a consumer to change banks, so banks need to focus on a high level of customer service and quality of information management," he said.