Results of Protiviti’s second annual Consumer Banking Survey show banks have work to do to improve customers’ experience. More than 2,000 American customers were surveyed.
While 93 percent of customers feel banks at least meet their expectations, only 36 percent feel banks exceed them. That has strong branding implications, a Protiviti managing director explained.
“For many customers a brand is equated with the customer’s experience,” Atul Garg said. “Consumer banks are no longer squaring off solely against traditional industry opponents to attract and retain customers. They’re also contending with established consumer brands, emerging fintech players and others.
“Succeeding in this new competitive landscape requires a rigorous focus on customer care and a commitment, at every level of the organization, to finding ways to consistently exceed customer expectations.”
Banks to a poorer job of exceeding the expectations of those they should be most concerned with – the rich. Only 30 percent of respondents with annual incomes north of $200,000 feel their needs are more than met.
One in three customers feel their bank “absolutely cares” about their problem when they share a complaint, while almost as many believe the bank does not care or they are unsure of the bank’s attitude. Only 36 percent say their bank responds to every problem.
Customers log complaints via telephone (63 percent of the time), branch visit (40 percent) and email (18 percent).
Technology makes in easier for customers to interact with their banks. Two thirds of respondents said self-service online and mobile channels make it easier to do business with banks. Those under 40 have much higher mobile and online usage rates.
Smart companies view the customer service experience not as an obligation, but as an opportunity, Protiviti director Jason Goldberg explained.
“While customer complaints represent a fact of life in the financial services industry, these problems also present prime opportunities to delight the customer. We’re finding regulators increasingly review and act upon customer complaints, which means compliance executives should be as concerned as their marketing counterparts about the speed and compassion with which issues are resolved.
“Even though innovation in the banking experience is a key consideration for financial services organizations, customer service remains a fundamental tenet of the business and we don’t expect that to change.”