Younger consumers are far more excited about mobile banking apps than managing their money with a retail bank or credit union. On top of that are new expectations for fintech thanks to advances in technology and changing behaviors. It begs the question: What is driving the satisfaction of today’s banking customers?
That’s the basis for our latest study, ForeSee Experience Index (FXI): 2017 Banking Report, in which we surveyed over 4,000 U.S. banking customers to examine factors that influence customer experience (CX) with national banks, regional banks, and credit unions.
Some of the key finding within the report include:
- Branches still matter. Nearly two-thirds (61%) of customers start their journey in a digital channel (desktop and mobile web) when opening a new account. Yet, more than half of those (59%) who started their journey digitally end up finishing at a branch location.
- Banks rely too much on captive loyalty to retain customers. Only 38% of bank customers said they would definitely consider their primary bank when in the market for new services. Coupled with the 21% that aren’t switching banks due to concern about the consequences of switching (e.g., missed payments, etc.), that is a considerable percentage of captive loyalty.
- Younger customers are less loyal. One-fifth of Gen Z consumers have already switched banks at least once in their short lifetime, and over a quarter of Gen Z banking customers would switch banks if it were as easy as switching cell phones.
- Customers want more fintech. On average, 53% of people want more fintech services offered or integrated through their primary bank. And younger groups are even hungrier, with three-quarters of Gen Z (76%) and millennials (70%) looking for more such fintech services.
For more banking consumer insights and research, check out the full FXI: 2017 Banking Report available to download now.