Clarabridge Survey Finds that Banks Need to Bolster Customer Experience

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Survey reveals that the financial services industry can improve mobile offerings and social media support to meet consumers’ increasing needs and expectations

“This survey helps us understand what consumers want from banks and provides a comprehensive snapshot of customer expectations for digital banking."

Clarabridge, Inc., the leading provider of Customer Experience Management (CEM) solutions for the world’s top brands, today revealed the results from its comprehensive consumer survey about banking habits in 2016. Clarabridge surveyed more than 2,400 U.S. respondents between the ages of 18-59 on all the ways that they interact with their banks—from mobile banking to third-party money transferring apps like Venmo and PayPal—in order to identify key trends that are defining the customer experience for today’s consumers.

Clarabridge found that banks need to strengthen their digital offerings and prioritize social customer service in order to meet rising customer expectations.

Specifically, Clarabridge discovered:

  • Third Party Apps Aren’t the Death of Banks: Contrary to conventional wisdom, Americans overwhelmingly prefer to use their bank’s apps to transfer money more than third party apps like Venmo and PayPal (43% vs. 26%). Interestingly, the numbers don’t significantly change when looking at millennials. 42% of millennials use their bank’s apps to transfer money while only 24% prefer third party apps. Furthermore, 41% of Americans claim that their biggest frustration with mobile banking is that they can’t easily transfer money to people at other banks, which encourages consumers to use third party apps.
  • Banks Need to Increase their Android App Offerings: Banks have focused on developing their iPhone capabilities that they may be neglecting their Android-using customers. Android users are more likely to complain about poor user experience than iPhone users (18% vs. 13%) because basic mobile banking functions are a source of frustration. 31% of Android users said that mobile deposit via their bank’s apps doesn’t easily recognize checks, as compared to 22% of iPhone users.
  • Millennials Want Help via Social Media Rather Than via Call Centers: Bank customer service call centers are becoming less effective as fewer millennials use their phones as actual telephones. Only 42% of millennials have placed a customer service call to their bank, which is 25% less than the national average. Instead, millennials are more active on social media, but currently, 35% of all issues tweeted at banks go unresolved. So, banks must prioritize social customer service in order to continue to have a competitive CX program in today’s digital age.

“At Clarabridge, we help companies understand customer feedback, so they can create lasting customer loyalty and increase revenue,” said Clarabridge Chief Marketing Officer, Susan Ganeshan. “This survey helps us understand what consumers want from banks and provides a comprehensive snapshot of customer expectations for digital banking. The data suggests a roadmap for improvement that will lead to a better customer experience.”

For example, at Capital One Bank, the customer is at the core of the company’s management and operations. The organization aspires to create experiences that turn customers into passionate ambassadors—satisfaction is not good enough. By listening to and addressing customer feedback, Capital One Bank has seen strong improvements in both overall and touch-point net promoter scores (NPS).

Clarabridge sources customer feedback from virtually any channel and provides relevant insights for brands in the financial services and other industries to take action to improve the experience across all stages of the customer’s journey. For more information on how to elevate the customer experience in financial services, refer to Clarabridge’s most recent report on the topic, “CX for Financial Services.”

About Clarabridge
Clarabridge’s customer experience management solution helps hundreds of the world’s leading brands put customer feedback to work, including PNC Bank, VDK Spaarbank, and T. Rowe Price. Our SaaS solution is the most comprehensive offering for omni-source listening, accurate customer and text analytics, and real-time, guided action. The result: better customer experiences. For more information, visit http://www.clarabridge.com.

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Allie Rosenberg
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