March 11, 2019 | Jeff Sylvester

From Bills to Balances, Banking Customers Make Digital Part of their Lives


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Money management is on our minds—it’s also on our phones, tablets, and laptops. Data from the latest Digital Experience Index from Verint ForeSee shows that banking customers* love the convenience of digital services, and they turn to web and mobile for many financial tasks:

  • 70% prefer to use a digital channel for any task
  • 80% prefer digital when researching new services
  • 65% start in web or mobile when signing up for services 
  • One-third will start and end the process of signing up for a new account in a digital channel

But customers don’t treat digital channels as interchangeable; they make digital-device decisions based on specific tasks.

When using a desktop/laptop for online banking, primary customer tasks are:

  • 30% checking balances
  • 25% paying bills
  • 16% viewing statements

On mobile devices, primary customer tasks include:

  • 44% checking balances
  • 16% paying bills
  • 10% viewing transactions

It’s clear that mobile users are less accustomed to conducting banking business through their phones and are more often doing quick checks on their accounts as they spend and track money during the day. As financial services providers work to personalize CX at every touchpoint, these channel preferences are important clues about how businesses can help customers achieve goals or improve experiences around certain tasks.

The Banking Customer Journey: Creating Pathways to Success

When it comes to task completion, not all channels are performing equally:

  • Only 33% of mobile users reported being able to accomplish tasks on the first try, but more than 50% of desktop visitors said the same.

And even though digital is the preferred method of financial services interaction, the contact center is still a vital touchpoint in the journey, and for two very different reasons. When asked why they contacted a call center:

  • 42% said it was because they couldn’t accomplish their task on a digital channel.
  • 41% said they prefer to talk to a live agent.

Two takeaways: 1) Customer experience in mobile and web banking still needs improvement and 2) live conversations with banking agents are still a vital part of customer satisfaction. 

The journey for new accounts tells a similar story:

While the journey starts evenly across digital and non-digital channels:

  • 60% of customers end up opening new accounts with a real person, either through the contact center or in a branch.

Banking customers know what good CX looks and feels like, and they reward providers that deliver—on digital and at every other point in the journey. Read more about digital CX leadership in the DXI for Q4 2018. Then get in touch with us for a briefing: We can show how the right digital customer experience strategy will help you meet broader business goals.

*Survey respondents used at least one digital channel during their most recent interaction with a financial services provider.

About the Author

Senior Analyst and Customer Success Manager Jeff Sylvester leads survey design at ForeSee and uses his data-science and market-research expertise to help our clients advance their CX programs.

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