The findings reveal financial institutions are falling particularly short in addressing the emotional components of the customer experience, which include a sense of security and the freedom for customers to manage their finances as they see fit.
NEW YORK, Sept. 5, 2024 /PRNewswire-PRWeb/ -- American Banker, Arizent's leading resource for senior executives in financial services, along with creative experience agency Monigle, publish the Humanizing the Bank Customer Experience 2024 research report. Sponsored by Slalom, the findings indicate despite improvements, financial institutions are struggling to address all the areas that create holistic customer experiences.
The research defines the four core dimensions of the humanized customer experience as behavioral, intellectual, emotional and sensorial. The 2024 report shows financial institutions are delivering best on the behavioral element and worst on the emotional one. Attributes at the top of the emotional importance list have been the same since 2021, and include security (feeling reassured finances are safe) and freedom (the freedom to manage finances as the customer sees fit).
"In the four years we've been doing this survey, FIs have consistently performed best on the behavioral and intellectual aspects of the customer experience and worst on the emotional and sensorial aspects," says Janet King, VP of Research at Arizent. "This essentially means FIs haven't really been changing their playbooks and points to opportunities for all FIs to focus more on the whole customer to gain a competitive advantage."
For the second year in a row, credit unions score the highest in all four core dimensions. Online-only banks have the lowest score in all dimensions and challengers are either on par with or beating retail banks in these dimensions.
Regarding customer expectations, the research indicates interactivity, security, ease of use, customer service and appealing digital spaces are top of mind. Consequently, these considerations should be top of mind or even table stakes for FIs when they are designing products and services, creating communications and developing digital tools. FIs should also look at the attributes that have become more important as they build out future customer experience plans.
"How to win and maintain customer loyalty is always evolving," King continues. "If FIs want to create that loyalty and support growth, they need to holistically focus on the human factors that ultimately influence business outcomes."
For full details on how financial institutions rank in addressing customer experience, including the significance financial wellness plays, download the report here: https://www.americanbanker.com/research-report/accounting-for-the-needs-of-the-customer-as-a-whole-drives-loyalty-and-satisfaction
Research Methodology
American Banker conducted an online survey of 5,500 bank customers in March 2024. 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 creative experience company fueled by humanizing brands that move people. As 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 140+ builders and makers across offices in Denver and New York, 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. Humanizing Brands. Moving People.
Visit http://www.monigle.com to learn more.
About Slalom
Slalom is a next-generation professional services company creating value at the intersection of business, technology, and humanity. With our fiercely human approach, we deeply understand our customers—and their customers—to deliver practical, end-to-end solutions. To provide the best outcomes, we work with emerging and leading technology companies, including AWS.
Learn more at https://go.slalom.com/lightflow
Media Contact
Janet King, Arizent, 212-803-8500, [email protected], www.Arizent.com
SOURCE Arizent
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