By Luc Burgelman, CEO and Co-Founder of NGDATA
Banks are the most important merchants in a person’s life – and not just in a “money makes the world go round” mentality. Banks help us buy our homes, assist us as we put our children through college and work with us to make the retirement of our dreams a reality. Banks should know the ins-and-outs of every customer they serve, every characteristic that fuels individual financial goals, in order to support them in these major life moments.
According to banking customers, they don’t.
Today, we announced the results from our 2016 Consumer Banking Survey, an in-depth look at consumer views on loyalty, channels through which they interact with their banks, and assessments on their banks’ level of customer understanding. The most prevalent theme among this year’s respondents – especially the younger generations- is that they wish their banks understood them more.
Consider these findings:
- Future Business At Risk – Younger Generation Wants More from their Banks
There is a significant correlation between age and satisfaction, with 51 percent of respondents aged 18-34 saying they’d be happier if their banks understood them better compared to just 27 percent of those aged 35+.
- Segmentation Isn’t Good Enough – Customers Want Individual Attention
Less than 30 percent of consumers believe that offers from their banks are customized for their individual needs.
- Banks Held the Pole Position
Banks have long been seen as a trusted advisor, but consumers no longer think their banks understand them. When asked which service provider understands them the best, only 15 percent of respondents said their bank, while 17 percent said Google. 42 percent of respondents don’t believe that any service provider understands them, creating an opportunity to banks to distinguish themselves moving forward.
This research demonstrates a clear trend – the world is moving toward more customized, personal interactions between businesses and their customers. Banks have a massive amount of consumer data at their disposal. The time has come to use that data to create a better experience for their customers.
To read through the full findings of NGDATA’s 2016 Consumer Banking Survey, including pathways for banks to create happier and more loyal customers by developing a deeper understanding of customers at the individual level, download the report here.
Interested in learning more about how NGDATA can work with you to deliver more relevant customer experiences? Visit here for more information on our Lily Enterprise technology or drop us a note to get in touch.
