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Humanizing the Bank Customer Experience 2022: Customer Loyalty is Not a Guarantee. Banks Can Do More to Get Ahead

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  • 21 Pages
  • August 2022
  • Region: Global
  • Arizent
  • ID: 5715059
Customers tend to stick with their financial institutions for the long haul.

This loyalty - or, perhaps, inertia - is a boon for traditional banks. It is also not a guarantee of future business. Many financial institutions are eager to attract younger generations of customers, but this segment is also the most likely to shop around for financial services that meet their needs. Challenger banks and fintechs such as PayPal are stepping up with bank-like features. Prominent technology firms such as Apple and Google are gradually doing the same.

None of these options offer a complete alternative to traditional banks and credit unions, but the potential for them to siphon off customers, at least for some services, is there. This study explores how customers interact with their financial institutions, what makes them stay and what may tempt them to leave, especially the Generation Z and millennial customers that banks most covet.

Table of Contents

  • Introduction
  • Key finding
  • About this report
  • People commit to their banks for the long term, but there are flickers of change
  • How much of a threat is Big Tech?
  • Personalization is another key to keeping customers
  • Personalization boosts intellectual performance
  • Focus on strengthening the mobile app
  • Banks can capitalize on the instances when people prefer a branch
  • Conclusions