Faced with losing market share to non-traditional competitors, senior bank executives say they are squarely focused on improving the customer experience and transforming their businesses at the strategic, operational and structural level, according to KPMG’s 2014 Banking Industry Outlook Survey.   
 
In polling 100 senior banking executives, KPMG found that banks are more focused than ever on finding ways to improve the customer experience - including developing new strategies, and investing in and upgrading technology.  
 
Unbanked and Underbanked Represent Fastest Growing Customer Segments
 
While banks look to transform themselves, they also are faced with focusing on different customer segments.  When asked which customer segments present the greatest growth opportunity, 27 percent of the bank executives cited the top 10 percent of income earners, up from 25 percent in last year’s survey. 

The unbanked and underbanked represent the fastest growing customer segments – nearly doubling in survey responses from last year.  Twenty three percent chose the underbanked, up from 12 percent in last year’s survey and 13 percent cited the unbanked, up from 5 percent last year. 

To read the full KPMG Survey press release, click here.

To download KPMG’s 2014 Banking Industry Outlook Survey, click here.