June 16, 2020

New Verint Research Shows Which Banks Deliver on Customer Experience During Pandemic

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Digital and Online Banks Lead the Verint Experience Index, Earning Top CSAT and NPS Scores, in the Midst of Physical Distancing, Financial Upheaval

MELVILLE, N.Y., June 16, 2020 —Consumer banking behaviors have changed radically as a result of the COVID-19 pandemic. The findings of new research announced today by Verint® Systems Inc. (Nasdaq: VRNT), The Customer Engagement Company™, show which banks have maintained and even improved customer satisfaction during a time of market disruption.

Bank of America, Citibank, and Wells Fargo posted the greatest gains in customer satisfaction, as measured by Customer Satisfaction (CSAT) scores. One standout in the study was Ally Bank, which posted the highest CSAT and Net Promoter Scores® (NPS) both before and during COVID-19 social distancing measures, underscoring the company’s proficiency in navigating change while maintaining high customer satisfaction.

“Many consumers see their banks as essential, but this is especially true during the pandemic, as they navigate difficult personal and financial terrain,” says Verint’s Kevin Daly, global vice president and GM, experience management. “Our study results show there has been a 40% increase in consumers citing the need for banks to help them manage their finances and cut costs. The overall volume of customer interactions has increased and consumer channel usage has shifted due to social distancing measures. As a result, banks’ ability to serve customers has been ‘pressure tested’ like never before.”

The research is based on the Verint Experience Index benchmark survey of consumer satisfaction with 15 leading banks and includes CSAT and NPS rankings. Consumers were surveyed in February/March and April, before and during the implementation of COVID-19 social-distancing guidelines. For more than a decade, the Verint Experience Index (VXI) has chronicled digital and omnichannel experiences across key industries (previously published as the ForeSee Experience Index).

Banks were evaluated on their proficiency across five key drivers that impact customer satisfaction: branches (convenience, location variety, service level); confidence (transaction accuracy, security, protecting PII); products (meet financial requirements, flexibility, clarity of terms); representatives (understanding, responsiveness, resolution); and services (account management, access, simplicity).

Consumer channel usage patterns show a dependence on contact centers and digital channels following social distancing protocols: branch interactions dropped by 33%, contact center interactions rose 31%, and social media usage rose an incredible 129%.

During the pandemic, consumers more frequently based their banking decisions on available technology. Previously, interest rates and fees were the most common considerations among consumers opening and closing accounts.

While the branch has been a fixture in the banking customer service landscape for decades, COVID-19 constraints have disrupted consumer banking behavior, demonstrating just how vital digital transformation is for banks to succeed—now and in the future. While consumers gave some banks high marks in various categories, these rankings did not necessarily equate to a rise in in CSAT scores during the study timeframe.

For more information and to download the report, click here. To register for the upcoming webinar, Banking CX: Agile Strategies for Strange Times, click here.

Survey Methodology

The Verint Experience Index is a panel survey report chronicling customer experiences across key industries. This edition ranks the omnichannel customer experiences of the top 15 commercial banks in the U.S. as ranked by the Federal Reserve according to total number of assets. The study used two panel samples with survey respondents that were representative of the U.S. general population, with at least 250 responses collected for each bank. To qualify for the survey, respondents had a personal checking or savings account with at least one of the 15 banks. Rankings in the Index are based on CSAT, using a scale of 0 to100. NPS is also shown, on a scale of -100 to 100. When two or more scores are identical at one decimal place, the next decimal place is used to break ties and determine ranking. Wave 1 and Wave 2 respondents were independently sampled. Wave 1 research was fielded from Feb. 7 to March 17, with a total of 3,792 survey respondents. CSAT margin of error is ±1.94 and NPS margin of error is ±7.66. Wave 2 research was fielded from April 9 to April 15, with a total of 3,804 survey respondents. CSAT margin of error is ±1.85 and NPS margin of error is ±7.61.

About Verint Systems Inc.

Verint® (Nasdaq: VRNT) is a global leader in Actionable Intelligence® solutions with a focus on customer engagement optimization and cyber intelligence. Today, over 10,000 organizations in more than 180 countries—including over 85 percent of the Fortune 100—count on intelligence from Verint solutions to make more informed, effective and timely decisions. Learn more about how we’re creating A Smarter World with Actionable Intelligence® at www.verint.com.

This press release contains “forward-looking statements,” including statements regarding expectations, predictions, views, opportunities, plans, strategies, beliefs, and statements of similar effect relating to Verint Systems Inc. These forward-looking statements are not guarantees of future performance and they are based on management’s expectations that involve a number of risks, uncertainties and assumptions, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. For a detailed discussion of these risk factors, see our Annual Report on Form 10-K for the fiscal year ended January 31, 2020, our Quarterly Report on Form 10-Q for the quarter ended April 30, 2020, and other filings we make with the SEC. The forward-looking statements contained in this press release are made as of the date of this press release and, except as required by law, Verint assumes no obligation to update or revise them or to provide reasons why actual results may differ.

VERINT, ACTIONABLE INTELLIGENCE, THE CUSTOMER ENGAGEMENT COMPANY, CUSTOMER ENGAGEMENT SOLUTIONS, CYBER INTELLIGENCE SOLUTIONS, GI2, FIRSTMILE, OMNIX, WEBINT, LUMINAR, RELIANT, VANTAGE, STAR-GATE, TERROGENCE, SENSECY, and VIGIA are trademarks or registered trademarks of Verint Systems Inc. or its subsidiaries. Verint and other parties may also have trademark rights in other terms used herein.

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Contacts:

Media Relations
Amy Curry
Verint Systems Inc.
amy.curry@verint.com

Investor Relations
Alan Roden
Verint Systems Inc.
alan.roden@verint.com

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