The study, Winning through customer experience, which surveyed over 32,000 banking customers in 43 countries, shows banks are providing traditional banking services well but are viewed as falling short on important aspects of the customer experience, and are also increasingly vulnerable to competition from new providers of banking services.
Globally, one-third of customers reported an increase in confidence in the banking industry compared to a year ago. Most customers (93%) said that they trust their primary financial services provider; naming, “the way I am treated” as the most important reason for having complete trust in their bank after “financial stability.”
“The survey finds customer experience to be a main driver of trust, and customer experience is also the single most common reason that customers open and close accounts – it is more important than fees, rates, locations, press coverage or convenience,” says Heidi Boyle, EY’s Principal of Financial Services Customer Practice.
Of the 60% of respondents not planning to close or move their accounts, it is not necessarily because they are confident that they are with the right provider: Twenty-two percent of those who plan to maintain their current relationships feel all companies are the same and 17% say it is just too difficult or time consuming to change.
“Bank customers are not being actively retained; they simply remain with their current provider through inertia and are therefore vulnerable to competitors. “Traditional banks are performing well on basics like branch access and ATM availability but they are most vulnerable in areas with the highest growth potential. There is real opportunity for alternative providers to dominate the digital offering, personalize the experience and become primary providers,” Boyle says.
TRC Interactive’s Customer Experience™ program offers interactive and engaging new accounts training for financial institutions. To learn more, visit http://trcinteractive.com/training-solutions/new-accounts.asp or contact us at either firstname.lastname@example.org or (800) 222-9909.