The Banking Customer Experience Report
Concerns about financial stability
Banking customers, especially millennials, are concerned about their bank’s financial stability
How concerned are you about the financial stability of your bank/credit union?
Online-only banks are attractive to many brick-and-mortar customers
Would you consider moving to an online-only bank/credit union?
But MORE ONLINE-ONLY bank customers would consider a SWITCH TO A BRICK-AND-MORTAR BANK
Would you consider moving to a bank/credit union with brick-and-mortar locations?
The Customer Banking Experience
More banking happens digitally (online or mobile) than in person
What percent of your time banking is…
Most financial services are conducted without the primary bank
First-name relationships aren’t important to banking customers
Does anyone at your bank/credit union know you on a first-name basis?
Qualtrics Experience Management is the world’s most agile platform for customer experience management (CEM), making it easy for companies to monitor, respond, and improve every key moment along the customer journey and incorporate customer feedback into every decision.
Some banking customers are skeptical of advice
Do you believe your bank/credit union provides unbiased financial advice most of the time?
Customer Advocacy and Retention
Banking customer longevity can be measured in decades
For how many years have you been a customer at your current bank/credit union?
High fees are the #1 reason bank customers leave
Why have you considered leaving your bank/credit union?
Qualtrics automatically relates dozens of variables and identifies statistically significant relationships using Stats IQ in conjunction survey data with so you know which parts of your customer journey need attention.
Departing customers don’t give warning
Nearly three-fourths of customers who leave won’t tell you in advance they plan to go.
The #1 REASON for not saying anything was that customers THOUGHT IT WOULDN’T MAKE A DIFFERENCE.
Have you told anyone at your bank/credit union that you are considering switching your bank/credit union?
Most banks don’t try to save departing customers
Did your bank/credit union reach out to you to keep you from leaving?
Customers who are leaving their bank have been CONSIDERING their departure FOR 9 MONTHS and plan to leave within the next 5 MONTHS, making for a decision window of 14 MONTHS.
For how many months have you been considering leaving your bank/credit union?
In how many months do you think you will make the move to leave your bank/credit union?
Half of departing bank customers are “saveable”
Could your bank/credit union do anything to change your mind about leaving?
Lower bank fees can save leaving customers
What could your bank/credit union do to change your mind about leaving?
LOWERING FEES, and IMPROVING SERVICE are the top ways banks can save customers who want to leave
Poor service is more likely to cause attrition than poor products
69% of customers who plan to leave say it was DUE TO POOR SERVICE
Which played a bigger role in making you want to leave? Poor service, or poor products
31% of banking customers are promoters
How likely are you to recommend your bank/credit union to friends and family?
Learn more about what Qualtrics can do for you customer experience management program. Whether you are in banking and finance industry or any other space, Qualtrics can help you learn more about your customers through online surveys, website feedback and other channels. To read more original research like this, visit our Research Center.