The report uncovers the complex motivations behind customers' decision to choose and stay with a financial institution, highlighting which ones are performing well or falling behind in 2023.
NEW YORK, Aug. 16, 2023 /PRNewswire-PRWeb/ -- A new report from Arizent, the parent company of American Banker, an information resource serving senior executives in financial services, publishes Humanizing the Bank Customer Experience 2023 research report. Sponsored by ServiceNow and completed in collaboration with Monigle, the findings reveal that challenger banks have made surprising gains when it comes to customer satisfaction and experience, often keeping pace with the historically favorable reputation of credit unions and outpacing retail banks in some areas.
This research defines four core motivations of the humanized customer experience with behavioral, intellectual, emotional and sensorial drivers. Overall, the participants say that banks are doing the best job of fulfilling the behavioral and intellectual aspects. Yet, challenger banks come in a surprising second to credit unions due to their slight edge in demonstrating leadership within digital banking, commitment to social issues and unique financial products, suggesting the industry's growing maturity.
"Our research shows that winning and maintaining customer loyalty is always evolving," Janet King, Vice President of Arizent Research, says. "Financial institutions can't afford to be complacent with investing in digital products and dedicated services that differentiate them from the competition."
While credit unions have earned the top spot for their delivery on the emotional aspects of the customer experience, challenger banks rank at a close second. They are differentiating themselves as a more consumer-friendly option than larger institutions by offering more convenient apps with accessible language and savvy features for new customers.
The report also indicates that customers have high standards based on their digital experiences with other industries; painless and engaging online and mobile capabilities have a notable impact on their happiness. Last year's findings highlighted these services as one of the most popular and frequent ways that people interacted with their financial institutions.
"It all points to room for improvement for financial institutions," King continues. "Consumers regularly interact with brands in other industries that provide a better online experience, including retail and social media. To stay ahead of the competition, banks and credit unions may need to benchmark their digital experiences against other sectors."
For full details, download the report here: https://www.americanbanker.com/research-report/staying-on-top-managing-the-complex-factors-that-drive-the-consumer-bank-relationship
Research Methodology
American Banker and Monigle, a creative experience agency, conducted an online survey of 5,500 bank customers in March 2023. Respondents are consumers, all 18 years of age or older, and representative of the U.S. population on age, gender and region. They are either primary or shared financial service decision-makers in the household who currently own at least one financial product or service.
For more information on this survey or other Arizent research, contact:
Janet King
Vice President, Research
Arizent
[email protected]
M 207-807-4806
About Arizent
Arizent is a business information company that advances professional communities by providing insights and analysis and convening industry leaders. The company uses deep industry expertise and a data-driven platform to deliver its services, which include subscriptions, marketing services, live events and access to Leaders, an executive forum. Arizent also connects business communities through leading financial services brands like American Banker, The Bond Buyer, Financial Planning and National Mortgage News, as well as professional services brands like Accounting Today, Employee Benefit News and Digital Insurance.
About American Banker
American Banker is the essential resource for senior executives in banking and financial services, keeping its users updated on vital developments and focusing sharply on their most important concerns — innovation, transformation, and disruption; technology, regulation, and reform. Financial industry professionals turn to American Banker, every day and throughout the day, to stay maximally informed — drilling down on complex issues, keeping up with breaking news, and downloading research and data.
About Monigle
Monigle is a brand experience company driven by humanizing brands to move people. Now in our 6th decade, we are one of the largest independent brand consultancies in the United States. We're independent in spirit and in ownership, unbound to both the status quo and shareholders. Fueled by 180 builders and makers across offices in Denver and New York, and remotely across the country, our teams create and deliver powerful brand experiences across a spectrum of services, including insights, strategy, creative, culture, activation, branded environments, and BEAM—the world's leading brand engagement and asset management platform. We solve problems by putting people at the core and creating memorable moments that drive human impact. Humanizing Brands. Moving People. For more information, visit monigle.com.
About ServiceNow Financial Services
ServiceNow (NYSE: NOW) makes the world of financial services work better for everyone. Our cloudbased digital platform and solutions help digitize and unify banks, credit unions, wealth managers, asset managers, and insurance firms so that they can find smarter, faster, better ways to make work flow. So, employees and clients can be more connected, more innovative, and more agile. And we can all create the future of financial services that we imagine. The world works with ServiceNow. For more information, visit: http://www.servicenow.com/financialservices
Media Contact
Janet King, Arizent, 212-803-8500, [email protected], www.Arizent.com
SOURCE Arizent
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