Kathmandu. A new challenge has been added for UK banks. A recent study by user testing, a research and consumer experience organization, has revealed that a new challenge has been added for banks.
According to the study, consumers have opened accounts in different banks. Some even take their salaries in the same account. But they are spending money, borrowing or getting financial advice from other competing institutions. The financial life of consumers is no longer confined to a single bank but is divided into different service providers.
This situation is seen as ‘silent quitting’. This is now the biggest challenge for the banks. Even if the customer appears to be using the account, in reality, their relationship with the bank is weakening. Many banks are now limited to the structure of providing only basic services.
Digital services, easy apps, cloud technology, and fraud control are now equally available in almost all banks. As a result, banking experiences are becoming more and more intertwined.
According to experts, banks need to adopt a new strategy to stay ahead of the competition. Prioritizing customer experience should be seen as a long-term strategic necessity and not as a brand improvement.
The trend of ‘silent quitting’, which has been discussed all over the world in recent times, is gradually seen in Nepal as well. This concept refers to the practice of employees not quitting their jobs, but rather not overwork, being confined to a given responsibility.
