1. What do you perceive as the primary strategic objective behind your main bank's current digital transformation efforts? A. Cost Efficiency Focus, primarily aimed at reducing operational and service costs through automation B. Defensive Competition Focus, mainly to counter challenges from FinTechs and prevent customer attrition C. Customer Value Creation Focus, committed to leveraging data for personalised services and creating new value D. Platform Ecosystem Focus, aiming to transform into an open platform, aggregating third-party services to build an ecosystem E. Unclear or no discernible strategic focus
1. What do you perceive as the primary strategic objective behind your main bank's current digital transformation efforts? A. Cost Efficiency Focus, primarily aimed at reducing operational and service costs through automation B. Defensive Competition Focus, mainly to counter challenges from FinTechs and prevent customer attrition C. Customer Value Creation Focus, committed to leveraging data for personalised services and creating new value D. Platform Ecosystem Focus, aiming to transform into an open platform, aggregating third-party services to build an ecosystem E. Unclear or no discernible strategic focus
2. Under the global wave of banking digitalisation, what do you think is the most critical strategic shift UK retail banks need to make? A. From product-centric to customer-centric approach B. From closed systems to open platforms C. From risk-averse to innovation-tolerant mindset D. From economies of scale to economies of scope E. From physical branch networks to fully digital operations
2. Under the global wave of banking digitalisation, what do you think is the most critical strategic shift UK retail banks need to make? A. From product-centric to customer-centric approach B. From closed systems to open platforms C. From risk-averse to innovation-tolerant mindset D. From economies of scale to economies of scope E. From physical branch networks to fully digital operations
3. When applying for a personal credit or loan product, if a traditional bank and a FinTech company offer comparable products, which factor besides interest rates would most likely lead you to choose the FinTech? A. Experience and Speed, a significantly simpler, more transparent application process with extremely fast decisioning B. Data Integration and Insight, ability to offer more tailored credit limits and repayment plans based on my cross-platform spending data C. Product Flexibility, offers more flexible repayment options or credit limit adjustment features D. Traditional Bank Trust Inertia, I would still prioritise my traditional bank due to brand trust and stability
4. What do you think is the most direct impact of current FinTech competition on traditional banks? A. Significant increase in customer acquisition costs B. Heightened customer expectations and reduced tolerance C. Reduced product pricing power D. Damage to brand image and trust E. Forced acceleration of technological innovation in traditional banks
5. In which aspects do you think changing customer behavior poses the greatest challenge to banks' digital transformation? A. Dramatically increased expectations for instant responses B. Growing demand for personalised services C. Higher requirements for transparency D. Greater willingness to try new financial service providers E. Increased sensitivity to data privacy and security
6. How would you rate the level of personalisation currently provided by your bank's digital channels? A. Highly Relevant and Intelligent, recommendations are pertinent and insights are genuinely helpful B. Superficial or Generic, offers only generic prompts lacking depth C. Noticeably Misaligned, recommended products or information often do not match my actual profile or needs D. Hardly Perceivable, services feel standardized E. Cautious about it, I have reservations about the bank using my data for personalisation
7. Have you observed improvements in your bank's back-office operational efficiency due to digitisation? A. Significant Improvement, most back-end processes are now instant or near-instant B. Moderate Improvement, faster than before but with still noticeable delays C. Little Change, efficiency feels similar to years ago D. Declined, new delays or errors have emerged in digital processes
8. Do you think digital tools have effectively helped banks better manage financial risks? A. Significant enhancement, risk control is more precise and timely B. Some improvement, but there is still room for advancement C. Little change, risk types have shifted but the overall level remains D. Introduced new risks, such as cybersecurity and algorithmic risks E. Not sure, unable to assess
9. If your bank provides an incomplete or delayed view of your financial position due to siloed data systems, how significantly would this impact your financial decision-making? A. Major Impact, I rely on the bank for an accurate, real-time consolidated view for key decisions B. Moderate Impact, it causes inconvenience, but I compensate by manually consolidating information from other sources C. Minor Impact, I primarily use third-party PFM tools; bank data is only one reference D. No Impact, I do not rely on the bank's consolidated view for decision-making
10. When trying to use new digital features launched by your bank, have you encountered situations where they were unavailable due to incompatibility with legacy systems? A. Frequently, the fragmentation between old and new systems is apparent B. Occasionally, mainly when dealing with certain legacy business C. Rarely, most features work smoothly D. Never
11. When you encounter a complex digital banking issue requiring human intervention, how would you rate the frontline staff's competency? A. Proficient in integrating digital and domain knowledge, quickly understands issues and uses digital tools to resolve them B. Helpful but less adept with digital tools, often requires transfers or lengthy consultations C. Tend to redirect to traditional channels, suggest branch visit, limited capability to solve digital issues D. Lack relevant product knowledge, unable to resolve effectively
12. What do you think is the biggest organisational obstacle for traditional banks in their digital transformation process? A. Severe departmental silos, difficult collaboration B. Lack of digital leadership and strategic consensus C. Insufficient skills among existing staff, inadequate training systems D. Performance evaluation systems fail to incentivise digital transformation E. Conservative corporate culture, resistant to change
13. What do you think are the main challenges traditional banks face in attracting and retaining digital talent? A. Unable to compete with tech companies on compensation B. Unattractive work culture and innovation environment C. Unclear career progression paths D. Outdated technology infrastructure, unable to offer challenging work E. Unimpressive brand image among tech talent
14. Are you aware of or concerned about the potential for unfair outcomes against certain customer groups in banks' automated decisions due to algorithmic design? A. Very concerned, and believe mandatory auditing and transparent disclosure are necessary B. Somewhat concerned, but trust existing regulatory frameworks to manage risks C. Not very concerned, believe algorithms are generally more objective than human decisions D. Have never considered this issue
15. Under Open Banking, what level of control and transparency would make you comfortable with your bank sharing your data with third parties? A. Granular Explicit Consent, requiring my separate, explicit consent for each data-sharing instance B. Real-time Visibility and Revocation, ability to clearly see who is accessing my data and revoke access instantly C. Clear Purpose and Duration, being clearly informed of the specific purpose and time limit for data usage D. Strong Third-party Vetting, ensuring only rigorously security- and compliance-vetted institutions can access data E. Remain uneasy regardless of controls, having fundamental reservations about the data-sharing model itself
16. What ethical issues should the UK banking sector pay special attention to during digital transformation? A. Algorithmic fairness and transparency B. Data privacy and protection C. Digital inclusion, ensuring groups like the elderly are not excluded D. Accountability for artificial intelligence decisions E. Protection of employee rights, avoiding mass unemployment
17. How do you think the UK regulatory environment primarily affects banks' digital transformation? A. Promotes innovation, such as Open Banking policies B. Increases compliance costs and security requirements C. Shapes industry standards and best practices D. Protects consumer rights, such as data privacy regulations E. Limits certain high-risk innovative activities
18. How should banks balance innovation with risk management during digital transformation? A. Establish dedicated innovation labs and risk isolation mechanisms B. Adopt agile development and rapid iteration models C. Strengthen cross-departmental collaboration and early risk intervention D. Establish fault tolerance mechanisms and innovation incentives E. Rely on regulatory innovation tools like regulatory sandboxes
19. In your view, which core value should traditional retail banks most reinforce through digitisation in the next five years to remain competitive? A. Irreplaceable Trust and Security Anchor, focusing on asset safety, privacy protection, and financial stability B. Comprehensive Financial Steward, providing in-depth, holistic financial planning and integrated life-cycle products C. Seamless Experience and Ecosystem Integrator, acting as a gateway that seamlessly aggregates various lifestyle and financial services D. Expert in a Specific Niche, excelling in a particular vertical such as sustainable finance or SME services
20. Do you think the digital transformation of UK retail banking has successfully improved overall customer experience? A. Significantly improved, digital channels provide more convenient and efficient services B. Some improvement, but still considerable room for enhancement C. Limited improvement, inconsistent experiences across old and new channels D. No noticeable improvement, even became more complex in some aspects E. Uncertain, insufficient experience to make a judgment