CURRENCIES THE LEDGER The fintech approach to customer engagement Capgemini's World Retail Banking Report 2022 examines what financial institutions can learn from the fintech playbook. It found that by using data, community banks can better leverage new technology platforms to address challenges and provide a better customer experience. Internal hurdles 61% 95% of financial institutions noted that they struggled to prevent customer churn of bank executives identified legacy systems and outdated banking tech as an issue preventing customer and data growth strategies Providing interactive and connected experiences across all platforms is the No. 1 way community banks can maintain and cultivate customer connections. Critical customer touchpoints Both surveyed customers and bank executives identified which platforms they thought were vital to customer engagement and interaction. Customers Bank executives 100 80 60 40 20 77% 91% 75% 58% 52% 80% 79% Results that talk 7% Year-over-year revenue growth after CIBC, a Toronto-based bank, made digital investments and cultivated a cloud-first strategy in 2021 12x Average revenue per customer increase at fintech Nubank, following data-driven adjustments to accommodate the customer experience 1.3M 7% Mobile app Bank branch Wearables Website (e.g., smart watches) The number of responses received on U.K. bank Natwest's actionable newsfeed within its mobile app after using customer data to develop it 12 Q ICBA Independent Banker Q December 2022 Source: World Retail Banking Report 2022-The Customer-Engagement Imperative: What Banks Can Learn from the Fintech Playbook, Capgemini