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World Retail Banking Report 2025

Attract, engage, and delight: Spin the customer centricity flywheel

The retail banking landscape is evolving faster than ever, with technology in the banking industry transforming operations and customer expectations rapidly changing.听 As a result, competition is accelerating, neobanks versus traditional banks, with new-age providers excelling at acquiring and engaging urban digital-first banking clients through customer-focused solutions. At the same time, the growth of instant payments and alternative payments methods such as digital wallets is transforming the banking landscape and putting pressure on banks鈥� traditional revenue streams.听听听

The World Retail Banking Report 2025 reflects the views of 8,000 banking industry customers who were asked about their financial journeys and banking preferences, products (especially cards), and services; as well as 700 banking employees, from sales and marketing teams. Both groups included survey respondents across 11 markets that represent all regions of the globe 鈥� the Americas, Europe, and Asia-Pacific. In addition, the report includes insights from 200 focused interviews and surveys with senior executives of leading banks from around the world.    

Our retail banking report鈥檚 analysis suggests that banks struggle to convert prospects into customers, and then after conversion fall short of delighting them 鈥� only 26% of customers are satisfied with their current banking experiences related to cards.1 In response, banks need a new approach to creating seamless and interconnected customer journeys. Adopting a flywheel strategy can offer a transformative pathway to strengthen card customer relationships and unlock new revenue streams:听

  • Attract: Capture attention in a competitive market by offering differentiated card benefits and leveraging digital platforms; integrate personalized rewards and exclusive perks to ensure new customers see tangible value from the outset.
  • Engage: Seamless customer experiences 鈥� whether through personalized communication, real-time support, or tailored rewards 鈥� strengthen engagement; this builds trust, encouraging cardholders to explore additional products and services. 
  • Delight: Aspirational, exclusive, and personalized rewards foster long-term loyalty, and customers who feel valued are likelier to recommend the bank to their networks.

By positioning cards as more than payment orchestration tools, banks can secure a prominent place in customers鈥� wallets, deliver delight through personalized, experience-driven solutions, and unlock opportunities for deepening customer relationships across a broader portfolio of products and services.

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WORLD RETAIL BANKING REPORT 2025 HIGHLIGHTS

Highlight 1

Banking is in the middle of a transformative era听

Retail banking has undergone a significant transformation over the past decade, driven by rapid technological advancements and evolving customer expectations. Today, banks are leveraging digital innovation to provide customers with seamless, personalized experiences that meet their unique needs on an unprecedented scale.

Cards are the 鈥淎ll-in-One鈥� financial companion听

Cards have become an essential financial companion, evolving well beyond their traditional role as mere payment tools. Today’s banking customers seek convenience, rewards, and value that align with their lifestyle and aspirations, making cards a crucial part of their overall financial lives.听

Banks are failing to close the customer conversion gap听

Banks encounter significant challenges in attracting, acquiring, and onboarding new clients. According to the bank marketers we surveyed, several key challenges contribute to this issue.

听

Delight customers by aligning everyday perks with rewards that inspire听

Urban digital natives are looking for more than just financial perks; they crave experiences and rewards that align with their personal goals and lifestyles. To stay relevant, banks need to evolve their reward programs.听

Leverage customer insights to personalize cross-serve and up-serve opportunities听

Banks need to look beyond traditional revenue streams and seize opportunities to effectively cross-serve and up-serve. By integrating rewards with services and leveraging customer insights, banks can unlock new revenue streams, increase wallet share, and enhance lifetime customer value.听

Further readings

World Retail Banking Report 2022

1 乌鸦传媒 Research Institute for Financial Services analysis, 2025.

The information in this report is general and not intended as legal, tax, investment, financial, or professional advice. 乌鸦传媒 assumes no liability for errors or omissions or the use of this material. This report is for informational purposes only and may not address your specific needs. 乌鸦传媒 disclaims responsibility for translation inaccuracies and provides the information “as-is,” without warranties. 乌鸦传媒 will not be liable for any losses arising from reliance on this information.听听


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Meet our experts

Gareth Wilson

Gareth Wilson

Global Head of Banking and Capital Markets Practice听

Jennifer Evans

Global Head of Retail Banking and Global Client Partner, 乌鸦传媒 Invent

Carlos Salta

EVP, Head of Banking and Capital Markets Practice

Chandramouli Venkatesan

Vice President – Portfolio Development Lead – Digital Front Office Transformations | Banking and Capital Markets

Elias Ghanem

Global Head of 乌鸦传媒 Research Institute for Financial Services

Vivek Singh

Head of Banking, 乌鸦传媒 Research Institute for Financial Services

Executive Steering Committee

Elisabeth Quellec

Director of the Retail Banking Division and Member of the Board

Cr茅dit Mutuel Ark茅a

Simon Puckering

Head of Digital and Innovation, Wealth and Personal Banking

HSBC

Laurent Loncke

Director Retail Banking

BNP Paribas Fortis

Adi Sharma

Head of Product

ONE

Helene Panzarino

Associate

The London Institute of Banking and Finance

Rohit Bhat

Managing Director, Financial Services

Google

Jose Thomas

Vice President, Financial Services

Adobe

Luca Russignan

Head of Insurance and Deputy Head of 乌鸦传媒 Research Institute for Financial Services