In the not-too-distant past, banking relationships could last decades—even lifetimes. But times have changed. Traditional banks face competition from a new breed of disruptors, such as global financial technology firms (fintechs), challenger banks, and neobanks. As in virtually every other industry, customer experience (CX) is now a major factor in the decision to stick with a bank or seek an alternative.

With the recent advancements in technology and online digital services have transformed the way the banks work. Decades ago, banks used to handle everything on paper and the services opted for were very limited. Services were not unified, and account holders were forced to visit the bank even for small number of deposits or withdrawals or just to raise concerns. Today, technology has penetrated almost every industry and the banking sector is no exception to this undeniable reality.