NGDATA survey shows younger customers are driving even higher expectations; Banks must be ready to meet evolving customer needs for personalization and customer service
New York City—July 19, 2016 – Consumers do not believe their banks treat them as individuals and want their banks to understand them better, according to the results of a new consumer banking survey conducted by NGDATA™, the customer experience management solutions company. Millennials in particular have high expectations from their banks that are going unmet.
The in-depth survey of more than 1,000 U.S. consumers assessed their experiences with banks, examining their views on loyalty, channels through which they interact with financial institutions and their banks’ level of customer understanding.
Key Facts and Highlights
“This research demonstrates a clear trend – the world is moving toward more customized, personal interactions between businesses and their customers. Consumers are no longer content with being lumped in with demographic segments and receiving offers that don’t apply to them,” said Luc Burgelman, CEO of NGDATA. “Younger consumers – those who have grown up in a world where Netflix anticipates what they want to watch and Google knows what they want to find before they finish typing in a search term – represent a new and very real challenge to bankers, who will be tasked with generating a customized and personal experience for every customer. 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.”
The 2016 NGDATA Consumer Banking Survey outlines a clear path for banks to create happier and more loyal customers by developing a deeper understanding of customers at the individual level and creating tailored offers that reflect that knowledge.
NGDATA works with banks across the globe to help them deliver more relevant customer experiences with real-time, continuous insights from all customer behavior and activity. By providing actionable, real-time customer intelligence, NGDATA enables banks to improve customer satisfaction, reduce attrition and enhance retention.
To read the full Consumer Banking Survey research report, please click here.
For an infographic highlighting key findings, please click here.
NGDATA™ helps companies in data-driven industries, such as financial services, media/publishing and telecom, to operationalize their data analytics through its real-time, analytics-based solution for improved customer satisfaction, reduced attrition, enhanced retention and higher profit margins. NGDATA’s Lily Enterprise™ is the customer experience management solution that finds insights and executes on them, bridging the gap between the worlds of data and business, enabling companies to deliver timely, relevant, contextually-aware, and personalized offers and experiences that customers embrace. NGDATA is headquartered in Gent, Belgium and has offices in the United States, Europe and Asia-Pacific. Customers include AXA, Belfius, De Persgroep, Orange, Telenet, and Wells Fargo, among others. Visit www.NGDATA.com for more information.
NGDATA helps data-rich companies in financial services, media/publishing and telecom to drive connected experiences. Our next generation customer data platform, Lily™, puts people at the center of every business via Lily’s Customer DNA, which continuously learns from behavior to deliver compelling experiences.Learn More...