Ever wondered how or why customer service has evolved from “how can I help you?” to, “help yourself”? 

Check out these top statistics that help explain why companies and consumers alike are leaning into customer self-service.

graphic showing the how banking has changed, where people used to go to the branch to bank but now they can do mobile banking on their phone wherever they are
  • 92% of online adults use search engines to find answers on the web.
    • Source: Pew Research Internet Survey
graphic of a search bar
  • 91% of survey respondents say they would use an online knowledge base if it were available and tailored to their needs.
graphic for knowledge base
  • Across industries, fully 81% of all customers attempt to take care of matters themselves before reaching out to a live representative.
call center employee icon

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  • 70% of consumers say they prefer messaging over calling for customer support.
  • 67% of respondents prefer self-service over speaking to a company representative.
  • More than 60% of US consumers say their go-to channel for simple inquiries is a digital self-serve tool such as a website, mobile app, or online chat.
graphic showing a chatbot
  • 59% of surveyed banks and credit unions report that consumer self-service is very important at their institution.
    • Source: Engageware, The State of Banking Self-Service 2019
  • 40% of customers contact a call center after they have first looked for answers to their questions via self-service.
an example of self-service options for a bank or credit union

The demand for self-service in banking is ever present, and while more and more industries are providing it, financial institutions are lagging behind.

We analyzed over 100 banks and credit unions between $500M and $1.5B in assets and found that just 1% of them have a dedicated support page. 6% have easy-to-find FAQs. 100% direct site visitors to call their call center. And last but not least, the average number of web pages is 337 meaning users have pages and pages worth of content to sift through in order to find the information or answers they need.

When financial institutions can cater to the self-service demands of today’s consumers, the results are astounding. Not only does enabling self-service provides a better customer experience, it drives down call volume to call centers and increases adoption of products and services. To learn more about how to enable customer self-service at your bank or credit union, schedule a meeting with us today.

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