Dive Brief:
- Nine in 10 consumers say quality customer service and digital banking are important factors in choosing a bank, according to a Motley Fool Ascent survey of 2,000 consumers, released in August.
- “I always mention to bank execs and folks, this doesn't mean that they literally now only want to do mobile,” said Peter Wannemacher, a principal analyst at Forrester. “But it means that anything they can think of in the world of banking and credit cards and loans, everything about money, you should be enabling me to do it digitally.”
- Three-quarters of consumers say they would switch banks if another meets their priorities better, with millennials the most likely to say they would switch banks.
Dive Insight:
With so many consumers willing to switch banks to get what they want, providing digital capabilities and quality customer service becomes essential.
A few years ago, a smooth digital user experience was a differentiator. Today, it’s a core expectation. The pandemic accelerated the shift.
“Late 2020 was the first time that we ever saw a majority of American banking customers say, ‘I should be able to accomplish any financial task through a mobile app,’” Wannemacher said. “It's become the most high frequency, widely available method by which they deal with their money.”
Two-thirds of customers believe they should be able to accomplish any financial task through a mobile app now, he said. They’re also less tolerant of, for example, having to call their bank to cancel a lost or stolen credit card.
That doesn’t mean, however, that customers only want digital banking. For complex and sensitive issues, bank customers still want that in-person touch and advice.
“If you want to compete as a national brand in this space, you need to be able to make that available and convenient on a mobile app,” Wannemacher said. “I still might want to call you or occasionally go into a branch, certainly for some complex situations, but it should be up to me, the customer.”
