Dive Brief:
- Consumers overwhelmingly trust and are happy with their banks, according to a EPAM Continuum survey of 9,000 retail banking consumers across nine countries. The report, released last month, found that more than 4 in 5 customers are satisfied with their banks and nearly the same number trust them to keep their data safe.
- Good customer service was the leading reason for customer satisfaction, with nearly half of customers crediting customer service. Nearly the same number of consumers, almost 30%, credited their banks’ good reputations or physical presence in their area.
- Customers also value data security and privacy. Nine in 10 customers say the most important thing a bank can do is keep their data safe
Dive Insight:
Despite heavily publicized bank failures in 2023, customers overwhelmingly trust their banks.
This trust is “built on strong human-centered relationships and reinforced by strong regulations,” Dennis Joosten, head of banking practice at EPAM, said in the report.
Among those who don’t trust their banks, half of customers said other public breaches concerned them. A smaller group — almost 1 in 5 — said that they or the bank had been victims of data breaches.
To maintain and grow trust, EPAM encourages banks to be transparent about data collection and usage.
Banks “need to collect only the data that is most relevant to learning about their customer, providing them plenty of opportunities to opt in or out,” Chris Tapley, VP of financial services consulting at EPAM, said in the report.
