The COVID-19 pandemic has exacerbated banking-sector issues, forcing retail banks to embrace digital transformation and realign their offerings to customer expectations. But while many have been vocal about delivering superior customer experiences, there is still a large disconnect between what customers want and banks’ priorities are, a new study by Capgemini and Efma found. This year’s World Retail Banking Report, released in March, discusses the disruption caused by the global pandemic, the growth of neo- and challenger banks, and the need for retail banks to embrace cloud-based banking-as-a-service (BaaS) platform models. Discrepancies and practical challenges Findings of the 2021 survey indicate a divide between retail banks’ priorities and customers’ expectations. The biggest gap is seen on transparency, ethics and social responsibility, a topic which customers feel strongly about but which banks are putting at the bottom of their priority lists. Reduced cost/charges of products and services, as well as improved customer support services are other top customer expectations overlooked by retail banks.