09.05.2023
The percentage of customers with $10,000 or more in primary bank deposit balances has declined 16 percentage points in the past year, while the percentage of customers categorized as financially unhealthy has increased 9 percentage points.
- The need for trust between these two parties (banks and customers) has never been more pronounced,” said Jennifer White, senior director of banking and payments intelligence at J.D. Power.
- 30% of primary bank customers have shifted, on average, 37% of their deposits to a secondary financial provider.
- Overall branch usage has grown to just below pre-pandemic (2017-2019)
- Banks who offer customer advice and guidance grow, but only 21% of customers have been offered any help.
Steps banks can take to address the challenges and build trust with customers:
- Improve the customer service experience by reducing wait times, resolving issues quickly and efficiently, and providing excellent customer support across all channels.
- Demonstrate a commitment to ethical business practices and responsible lending to build trust and loyalty with customers.
- Provide regular and clear communication to customers about changes in policies, fees, or other important information to keep them informed and engaged with their banks.
- Ensure an omnichannel experience to increase engagement and optimize interactions
- Promote bank growth by providing equal opportunities to every customer (offer customer advice/guidance) as part of the sales/customer support pitch
(Source: Bloomberg)
Comments
0 commentsArticle is closed for comments.