Verint Experience Index reveals customer needs and bank satisfaction rankings before and during COVID-19
We surveyed more than 7,500 banking customers—in two waves, before and during social distancing guidelines—to understand their journeys, values, and expectations. The data shows big changes in all of those categories. The report also reveals that banks that anticipate needs, especially in digital, win on loyalty, satisfaction, and customer lifetime value.
Here’s a sampling of the findings:
Digital self-serve—aka digital empathy—reduces costs and improves satisfaction. If banks could remedy just a small percentage of digital failures they could save:
- $281,250 per 1M branch visits
- $967,500 per 1M contact center calls
Social distancing is impacting the banking customer journey—and the change has important lessons for the furture of CX:
- While branch use declined, a significant portion of respondents who prefer to start in digital still want to finish at a branch.
Online and branchless banks are delivering for customers and meeting needs—and not just in the digital-reliant current environment:
- Digital banks earned top spots in both customer satisfaction (CSAT) and NPS.
- Bank of America, Citibank, and Wells Fargo saw significant CSAT increases during COVID-19; Regions Bank, PNC Bank, and T.D. Bank experienced the biggest drops.
The report is full of findings that can help banks make better CX decisions on every channel and across every organizational level—like what banks can do to extend Customer Lifetime Value, what CX actions can help retain at-risk customers, and what values matter most to customers when opening or closing accounts.