Innovation in the financial services industry ain’t what it used to be — at least according to consumers.

A Sitel Group study found that before the pandemic, 27% of consumers rated the banking and financial services industry as the most innovative when it comes to leveraging new technology, but that number dropped to 16% during the pandemic.

“While the retail industry quickly implemented practical online solutions such as click and collect to meet changing customer needs, banking and financial services fell behind,” Sitel Group said in a financial services industry snapshot of the report.

The study asked consumers which industry is the most innovative when it comes to using new technology, in the categories of travel and hospitality, retail, insurance and telecommunication, in addition to banking and financial services. Before the pandemic, banking’s 27% of the vote led all industries, but the drop to 16% puts banking well behind retail, which jumped from 16% to 27% of the vote. 

Sitel Group surveyed 2,000 adults, half in the U.S. and half in the U.K., all over 18 years old. The online questionnaire was made up of 20 questions. The original 2020 Customer Experience Index Survey took place in March, and the updated COVID-19: the CX Impact study compared that data to a survey conducted in May.

Miami-based Sitel Group, founded in 1985, uses data from call centers, emails, live chats and agents’ notes to understand where customers become frustrated and help businesses improve their customer experience. The agency works with brands like Intuit , PackLink, Leroy Merlin and others to improve their customer experience and ensure representatives are prepared to meet customer requests. Sitel Group also helps businesses create self-serve tools to address pain points so customers can avoid calling a representative.  

See also: Banks ranked on their crisis CX

The CX study also asked what technology makes for the best banking experience, and digital representatives took the top spot with about 25% of the vote, followed by artificial intelligence with about 20%. Augmented reality, meanwhile, only got about 5% of the vote. 

“Financial consumers are clearly signaling that they want financial brands to deliver convenient personalized experiences,” the banking snapshot of the report read. “Now is the moment to forge ahead combining AI and virtual reality (VR) to create more personalized, virtual experiences that can seamlessly support consumers through discovery and purchase and on to after-sales care 24/7.”

Bank Innovation Build, which takes place Sept. 9-10 as a virtual experience, is a must-attend industry event for professionals overseeing financial technologies, product experiences and services. Register here.