Customer Experience

Find the what is the state of customer experience in banking.

  • 71% of banking executives believe that positive experiences in other sectors mean customers now expect more from their banking provider. (Capgemini 2018) 

  • 78% of European banks report being “concerned or very concerned by the threat of disruption of the industry and 88% claim they need to rethink their business model. Yet less than 40% have a clear strategy and roadmap in place. (Accenture 2015)

  • Customers have stayed with their current bank or credit union an average of 13.8 and 15.7 years, respectively. (Temkin 2018)

  • 69% of customers who plan to leave their bank say it was due to poor service rather than poor products. (Temkin 2018)

  • 54% of consumers say that customer experience in most companies needs improvement. (PwC 2018)

  • 56% of customers who told their bank they are leaving say their bank made no effort keeping them. (Temkin 2018)

  • Customers who are leaving their bank have been considering their departure for 9 months and plan to leave within the next 5 months, making for a decision window of 14 months. (Temkin 2018)

  • Only 31% of banking customers are promoters which makes average NPS score of banking industry -16 (in the US). (Temkin 2018)

  • European banks are not fully addressing rapidly evolving consumer behavior and the digital disruptors attacking the entire banking value chain. (Accenture 2015)

  • In five to ten years traditional “universal” banks will be gone – the industry will split into utility providers, innovative digital banks (formed from old school universal banks) and digital disruptors. (Accenture 2015)

Services

Discover what drives customer experience.

CUSTOMER SERVICE

  • “At its core, banking is not simply about profit, but about personal relationships.” - Felix Rohatyn

  • 47% of customers’ time is online banking, 31% is in person and 22% is mobile. banking. (Temkin 2018)

  • Speed, convenience, helpful employees and friendly service is important for more than 70% of banking consumers. (PwC 2018)

  • Positive customer experiences influence 75% of customer decisions in banking. (PwC 2018)

  • Barely half of customers say their experience across different bank channels was positive (51.1 percent in branch, 46.9 percent on mobile and 51.7 percent on internet banking), despite continued bank investment. (Capgemini 2018)

PERSONALIZATION

  • 67% of consumers would grant banks access to more personal data, if they received more tailored advice. (Accenture 2017)

  • 56% of customer experience professionals aim to improve and personalize customer experience. (Lumoa, 2018)

  • Personalization at scale can drive between 5 and 15% revenue growth for companies in financial-services sectors. (McKinsey, 2017)

  • 33% of consumers who abandoned a business relationship in 2016 did so because personalization was lacking. (Accenture, 2017)

TRUST

  • 41% of the time, consumers think that the services offered by the bank are offered with only bank’s interest in mind. (Temkin 2018)

  • The proportion of respondents who rate banks as trustworthy rose to 40% in 2017, up from just 29% in 2015. (Accenture, 2017)

DIGITAL

  • 42% of consumers report that they now using their banking provider’s mobile app more now than they did 12 months ago. (The Financial Brand, 2018)

  • Nearly three-quarters of banking customers, for example, say they are willing to receive automated support regarding which type of bank account they should open. (Accenture 2017)

  • 91% of European banks see digital disruption coming, but only 21% of them report being ready to seize the opportunity of digital disruption. (Accenture 2015)

  • Satisfaction is notably higher among those customers who had been offered personalized digital experiences proactively (49.1%) than those who had not (39.5%). (Capgemini 2018)

LOCAL

  • “Advances in digital banking will not eliminate the branch, they will allow for more creative ways to help clients achieve financial wellbeing.” - Hendrith Smith

  • When choosing bank, 65% of consumers say it’s important to have a local branch. (PwC 2018)

  • 25% of consumers wouldn’t open an account in a bank without a local branch. (PwC 2018)

Customer Experience Banking

Technologies

Support and understand your customers with help of the latest technologies.

 
  • Most banks believe there are untapped opportunities to make more strategic use of data to improve the customer experience. (Capgemini 2018)

  • 77% of companies say that they don’t model the drivers of CX quality regularly, leaving them in the dark about what matters most to their customers. (Forrester, 2016)

  • 88% of banking executives plan to use customer data to create smoother customer journey, 75% - to develop relationship-based pricing, 58% - to build personalized loyalty rewards and 54% - to create lifecycle-stage products and services. (Capgemini 2018)