New York, NY, USA, Aug 16, 2021 -- Humanizing the Bank Customer Experience, a new research report from American Banker in partnership with Monigle, a creative experience agency, examines the core of what drives customers to choose and stick with a particular financial institution to help executives take meaningful actions to build strong bank-to-customer experiences. More than 8,500 U.S. consumers evaluated and ranked 50 leading FIs on the factors proven to drive customer satisfaction and advocacy. This report is built to equip business leaders with the impactful data and tools, based on in-depth consumer insights and perspectives, to drive immediate change in organizations as we emerge post-pandemic with revised consumer expectations. Participating members of the study have the opportunity to access playbooks that provide details of their financial institutions’ performance in customer experience.
Sponsored by Technysis, the comprehensive report, and associated rankings of 50 financial institution brands, provides detailed analysis of the strengths and weaknesses of financial institutions by type, and insights from the top performing institutions who are leading the way for their category. In particular, the findings in this report reveal key opportunities for financial institutions to continue humanizing the customer experience to drive a connection to, and action by, customers.
As bank consolidation increases and new challengers enter the market, financial institutions need to deliver the best customer experiences possible to attract and retain customers. As large banks seek to appeal to the masses and community banks and credit unions try to stay relevant, many fail in the human aspects of the customer relationship that drive engagement. This research uses a proven customer experience framework to evaluate and rank financial institutions on the essential elements of their performance. Janet King, Vice President, Arizent Research says, "This research is really exciting because it highlights specific areas banks can focus on to more effectively engage customers, actions that make a positive impact on customer satisfaction and advocacy. With so much at stake, having a new lens to frame those decisions is really impactful."
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Other key findings of the research include:
The biggest opportunity for competitive differentiation may reside in the emotional dimension of the customer experience. Credit unions and challenger banks scored particularly well on the emotional motivators, representing a potential threat, poised to break the mold traditional retail banks have used to engage customers in the past.
Secure digital tools and mobile apps that enable consumers to easily access and manage their money are table stakes for most Financial Institutions (FIs). While ATMs and call centers are yesterday’s tech, they still resonate as important points of FI engagement for today’s younger consumers.
All FIs have their work cut out for them when it comes to how consumers "sense" a brand, from the physical branch to online platforms and community activities. Some need to overcome the inherent disadvantages of being an online-only or mostly branchless FI.
Today, American Banker released these results and the ranked list of these 50 institutions. The number 2 ranked institution shares, "America First Credit Union is humbled and grateful to learn members ranked us the top credit union on the list of national financial institutions," said Tammy Gallegos, America First Credit Union Chief Strategic Engagement Officer. "Our members know America First Credit Union is safe, secure, reliable, responsive, and dedicated to their financial well-being while working collaboratively to benefit the communities in which we are invested."
Posted by Veronica Silva Cusi, news correspondent
Monigle is a creative experience company fueled by humanizing brands that move people. As one of the largest independent brand consultancies in the United States, we’re independent in spirit and in ownership, unbound to both the status quo and shareholders. Fueled by 140 builders and makers across offices in Denver and New York, our teams create and deliver powerful brand experiences across a spectrum of services, including insights, strategy, creative, culture, activation, branded environments, and BEAM–the world’s leading brand engagement and asset management platform. Humanizing Brands.
Published: Tuesday, August 17, 2021
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