Only three per cent of traditional bank executives think their company has taken the necessary measures to protect their businesses against digital disruption, while 71 per cent were doubtful around their ability to respond to digital disruption.

This is according to a survey carried out by Arizent on behalf of FICO among 203 banking and FinTech professionals, which found that just four per cent were extremely confident that they could offer the level of personalised, data-driven services consumers receive elsewhere.

“Consumers today are accustomed to an amazing array of highly-personalised, data-driven services from digital service providers like Amazon and Google,” said Bill Waid, vice president and general manager of decision management solutions for FICO.

“However, when they look to their financial institutions to provide comparable user experiences for their banking needs, most banks are falling far short.”

When it comes to anticipating and proactively responding to customers’ needs in real-time, 14 per cent of banks rated themselves as outstanding, while 42 per cent rated themselves as very good at being able to anticipate and respond to customers’ needs.

Omnichannel delivery was a pain-point for banks, as 62 per cent struggled with consistency of services across branch, online, mobile and call centre. This contrasts with FinTech firms, where 63 per cent of respondents were highly confident in their delivery of services across multiple channels.

Despite these disparities, banks appear to be narrowing the gap with FinTechs when it comes to delivering personalised products and services - 40 per cent of banks believe they are extremely or very good at it, versus 55 per cent of FinTechs.

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