Close

Choose a country

United KingdomEnglish
South AfricaEnglish
IndiaEnglish
InternationalEnglish

Forrester research analyses banking CX trends in the US

Blog
10th November 2017

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:

  • The new online-only (or direct) banks attract new business primarily by focusing on a great customer experience. Fortunately for these banks, 73% of their customers do actually think they provide a great experience.
  • The traditional banks get very little loyalty from doing what their customers expect a bank should be able to do – such as tell them what is in their account. The main communication failure of retail banks (in the opinion of customers) is not offering more advice and guidance for customers – such as categorising their spending and telling them that their outgoings on restaurants have dramatically increased this month. Customers expect more intelligence and insight into their spending, not just a balance.
  • Online banks need to focus on making customers feel appreciated, confident, and valued if they want to achieve loyalty from customers. If these banks make the customer feel valued 90% of customers will advocate for the brand – essentially telling their friends and family what a great bank they use.
  • Traditional banks don’t feel that boosting the confidence of their customers is part of what they should be doing – they focus on respecting the customer and 67% of traditional bank customers say that this is what they expect most from their bank.

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.


Leave a Reply

Your email address will not be published.Required fields are marked *


David Turner
Article by: David Turner

News & Insights

Recommended for you
Solution Designer
Service Provider
Technology Enabler
Blog
Do people really want automated customer service?

Author: Ewan McKay, Marketing and Communications Manager, Webhelp The recent YouGov study commissioned by Webhelp, illustrated a strong preference for human-to-human contact versus AI-powered customer service tools. Here, we take a deeper dive into the individual points of view behind these results, as Webhelp’s Marketing and Communications Manager, Ewan McKay, shares the people’s voice from...

News
Making the switch to recycled paper!

It’s World Environment Day! The perfect time to announce that Webhelp is switching to 100% recycled paper across all its sites across the United Kingdom. World Environment Day is a United Nations spotlight designed to drive worldwide awareness and action to protect the environment.  Webhelp...

Case Studies
[Fashion] Fifty Jeans – Launch your brand without cashflow problems!

...

News
Pedalling hard for CF Warriors

Webhelp's Director of IT services, Stephen Dickson, joined record breaking Cystic Fibrosis warrior, Josh Llewellyn-Jones, this week, as he attempted his latest endurance feat by cycling from Edinburgh to Cardiff in just five days. Stephen cycled with Josh and his team for the final three days of...

Whitepaper
AI AND AUTOMATION: IMPROVING THE CUSTOMER EXPERIENCE

How do we really want to interact with brands? What do we really think about AI and Automation? How important is it to strike the right balance between human talent and AI and Automation for CX? Read our new paper to find out more.   The Webhelp Disruptor Series. Be part of...

Load more
×

Webhelp Cookies Preference Centre

Strictly Necessary Cookies
The website requires the use of cookies for essential functional requirements and these are outlined in the cookies policy.

Enhanced Functional Cookies
Some features of this website use services provided by third parties websites. These features use cookies to implement their services on this website and may collect data about your visit to help them optimize their functionality. The Webhelp cookies policy outlines the cookies used by these services.

We have links to social networking such as Twitter, Facebook and LinkedIn.
These websites are third party sites. We do not place cookies on their behalf, and do not have control over the way they collect or use your data.
We encourage you to read more about their policies:
Twitter
LinkedIn
Facebook