News

FIs doing OK, but not great, at meeting consumer expectations

October 28, 2016

Almost all consumers (93 percent) say their bank meets their expectations — but only about a third (36 percent) say it actually exceeds them, according to the second annual consumer banking survey from consulting firm Protiviti.

And at 30 percent, that prized group of banking customers whose annual incomes top $200,000 are even less likely to report that their banking experience exceeds expectations.

On the positive side, the Protiviti report finds 68 percent of consumers say self-service online and mobile channels make it easier for them to do business with their banks.

This means that banks can leverage what they already have in place to create a "wow" experience — especially for the younger demographic they need to capture.

Customers in the 21–29 and 30–39 age brackets are far more likely to use mobile applications (66 percent and 60 percent, respectively), mobile web (33 percent and 32 percent) and online chat (15 percent and 11 percent) compared with customers age 40 or older.

"Consumer banks are no longer squaring off solely against traditional industry opponents to attract and retain customers," said Atul Garg, a managing director in the business performance improvement practice at Protiviti. They're also contending with established consumer brands, emerging fintech players and others. Succeeding in this new competitive landscape requires a rigorous focus on customer care and a commitment, at every level of the organization, to finding ways to consistently exceed customer expectations."

Protiviti polled more than 2,000 U.S. consumers across a broad spectrum of age and income groups about a range of customer experience issues, including preferred methods for interacting with banks and perceptions about how well FIs are meeting customer expectations.

The Protiviti report, "Getting to the Heart of Customer Experience — Insights From Protiviti's Annual Consumer Banking Survey," is available for free download.