The study explores how clients interact with their banks, what makes them stay and what may cause them to choose another financial institution.
NEW YORK, Aug. 16, 2022 /PRNewswire-PRWeb/ -- New surveys conducted by Arizent, the parent company of American Banker, a comprehensive information resource serving senior executives in banking and financial services, and Monigle, a creative brand experience agency, examines where the fragmentation of financial services is putting pressure on customer loyalty, and where financial institutions can adjust their strategies to meet new customer expectations.
Sponsored by ServiceNow, the comprehensive report and associated rankings of 50 financial institution brands examines the core of what drives customers to choose and stick with a particular financial institution while helping executives take meaningful actions to build strong bank-to-customer experiences. CIT Bank, Navy Federal Credit Union, Suncoast Credit Union, First Tech Federal Credit Union, Chime, America First Credit Union, Alliant, USAA, BECU and Union Bank were ranked as the top 10 financial institutions within this study.
The survey results indicate that consumers are taking a more expansive view of what it means to be a bank and are willing to engage with a broader ecosystem of providers. This is leading to changing expectations around personalization and digital experiences.
Concurrently, companies with strong brand recognition are slowly reaching the territory of banks and credit unions by offering credit cards, buy now/pay later, digital wallets and other services. For example, 86% of participants said they are using PayPal while 84% answered that they would consider using the service in the future.
"This rising popularity has even extended to retailers with expansive customer bases," Janet King, Vice President of Arizent Research, says. "Our surveys show, for example, that 33% of participants would consider using Walmart for a specific financial need."
Arizent and Monigle's surveys also explored how customers interact with their financial service providers. In comparison to their tech companies and online competitors, traditional banks and credit unions have the ability to solve problems for their customers in person. While an advantage today, it may not withstand the next generational shift as younger customers prefer mobile interactions rather than face-to-face ones.
The research also leverages a social sciences-based framework that evaluates the most important human elements of experience and accurately predicts customer satisfaction and loyalty.
"While new technologies and digital innovations continue to power the way forward for finance, it's essential to not lose track of the human story," adds Brian Elkins, Executive Director of Financial Services at Monigle, "After all, even the most innovative technologies will miss the mark if they don't deliver the right experience."
See the full ranking of the 50 retail banks, credit unions, challengers, and online-only banks here: https://www.americanbanker.com/list/humanizing-the-bank-customer-experience-who-does-it-best
See a more in-depth look at findings from the full study at: https://www.americanbanker.com/research-report/customer-loyalty-is-not-a-guarantee-banks-can-do-more-to-get-ahead
Monigle has produced an in-depth brand strategy driven report in conjunction with Arizent and the Humanizing the Bank Customer Experience study. You can find that report at: https://www.monigle.com/report/humanizing-customer-experience-volume-2/?utm_source=ab&utm_medium=press_release&utm_campaign=hcx_report_aug2022
Research Background/Methodology
Data for this second annual iteration of this research was collected by American Banker and Monigle from February to April 2022 with 8,506 U.S. adults aged 18 years and older responding. The first survey, with 3,002 respondents, focused on the trends and attitudes shaping consumer expectations and behaviors in financial services today. In the second survey, 5,504 U.S. consumers evaluated 50 leading FIs on the factors proven to drive customer satisfaction and advocacy.
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 Research
Arizent Research delivers actionable insights through full-service research solutions that leverage their first-party data, subject matter expertise, and highly engaged communities across the banking, payments, mortgage, insurance, municipal finance, accounting, HR/employee benefits and wealth management communities. They conduct research to support original insights and analysis for their various editorial and content brands, as well as custom research programs for clients in the industries they serve.
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 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.
SOURCE Arizent
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