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Forrester Research recently published their annual survey of US banking customer experience, featuring analysis of service at 28 different banks. Although I’m focused more on the UK and European markets, it’s always interesting to see these CX index surveys from Forrester because banking trends in one market very quickly go global due to the very global nature of the industry.
So what were the most interesting observations from the research? The standouts for me were:
What I think really stands out here applies beyond the US market alone. There are different customer expectations when the customers of traditional banks are compared to those who use online-only banks. Traditional customers expect deference and respect, traditional banking values. Online customers expect the bank to be more of a lifestyle assistant that can empower and guide their spending.
Managing these very different expectations will be a challenge, particularly as the viability of large branch networks is being challenged. It could even mean that the traditional banks need to streamline their branch operations and launch spin-off Fintechs to satisfy a new generation of customers who have completely different expectations. What do you think about these research insights? Please leave a comment here or get in touch on LinkedIn with your views on banking and CX.
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