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Humanizing the Bank Customer Experience: Why Banks Are Stuck in Second Gear

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    Report

  • 21 Pages
  • August 2021
  • Region: Global
  • Arizent
  • ID: 5715051
The race among banks to build out massive digital franchises and remake physical branch and ATM networks has drastically changed. COVID-19 accelerated the digital transformation already underway in financial services leading many banks to press the reset button. Now there’s an opportunity to act and reframe investment priorities to improve the customer experience.

The reality is that big banks have spent billions to build out online and mobile banking, while re-inventing their branches and ATMs, only to discover customer apathy in their portfolios. In the wake of this spending onslaught, community banks and credit unions have not only survived, but thrived, and a burgeoning class of challenger and online banks has been born.

Successful financial institutions (FIs) have learned how to humanize the customer experience in a way that has created a legion of satisfied customers and brand advocates. They’ve learned to deliver on the whole experience and not just certain individual pieces, so that the bank-to-customer relationship becomes more engaging and meaningful

Table of Contents

  • Introduction
  • Key findings
  • About this report
  • Achieving a deeper customer relationship comes by understanding how to humanize the customer experience
  • There is no easy “one-size-fits-all” or “silver bullet” solution to improve the customer experience
  • Behavioral data reveals that many FIs perform similarly when it comes to interactions with customers
  • Behavioral trends show consumers are independent and want an omnichannel experience
  • Intellectual performance unveils strengths for traditional FIs and weaknesses for digital rivals
  • Intellectual trends reveal consumers want personalization and digital habits are sticky
  • Emotional performance data demonstrates FIs are delivering on the need for security
  • Sensorial performance data shows that FIs have an opportunity to lead the pack when it comes to customer experience
  • Conclusions