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Study: Bank execs list CX as top priority in 2017

February 3, 2017

More than half of 160 bank executives surveyed plan to increase spending on customer experience initiatives in 2017, according to a recent banking priorities study.

Nearly half cited omnichannel technologies as their best bet for attracting new customers, according to the annual survey by Computer Services Inc., a Paducah, Kentucky-based provider of financial technology solutions.

"In a crowded marketplace, financial institutions must prove their value to the customer, which includes offering service experiences on par with other providers — especially those outside the banking industry," CSI CEO Steve Powless said in a press release. "Banks must deliver services that allow customers to access financial services where and how they want, which means they will need to focus more of their attention and investments on technologies that directly affect the consumer."

Among the survey's highlights:

• Asked where they expect to increase spending in 2017, 55 percent of executives mentioned customer experience initiatives, which narrowly trailed the top two replies — cybersecurity (57 percent) and information technology (56 percent);
• Of the 47 percent of respondents who believe omnichannel strategies are the best way to win new customers, the majority said their chief goal is the implementation of a customer relationship management solution; and
• Enhancements to digital banking channels ranked first among opportunities to improve the customer experience (41 percent), followed by CRM (12 percent) and omnichannel (10 percent).

Full survey results and analysis are available in the CSI Executive Report: 2017 Banking Priorities Study, which is available for download.