Are you delivering what your customers want?
Read Time: 10 Minutes
Are you among the 93% of banking leaders that agrees that a customer engagement strategy is a business need, not just a competitive advantage? Did you know that just 44% of banking consumers give their primary financial institution a top grade of "A"?
As we step into 2024, both financial institutions and banking customers share a sense of optimism — with caveats. Rapid advancements in technology, alongside evolving customer expectations, present a dual challenge for banks and credit unions. This year, building a unified strategy and maintaining the human touch in customer engagement will be as critical as the adoption of new technologies.
This report takes a closer look at these dynamics, highlighting a need for continual innovation in customer engagement to meet evolving customer expectations, expand share of wallet, and prevent staff burnout.
We surveyed over 1,700 banking customers and over 300 banking leaders to highlight what customers are looking for and how banks and credit unions plan to deliver in 2024.
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Key Findings
90%
of banking leaders agree maintaining a seamless customer experience is more important than reducing costs.
95%
of banking leaders see need for improvement in addressing customer engagement consistently across channels.
64%
of banking leaders see the constant need for technology training as a hindrance to effective customer engagement.
37%
of banking consumers reported decreased loyalty to their primary financial institution as they were a year ago.