The factors that spur consumers to choose a bank in the first place or stay with it for the long haul are not the same, nor are they constant over time. Different flavors of financial institution — retail banks, credit unions, online-only banks and challenger banks — also have different areas in which they need to improve, because the products or services they do well are not always the ones consumers value the most. This new research from American Banker evaluates the motivations behind choosing a bank and where financial institutions must improve to maintain loyalty.
Key findings in this report include:
- The paths people of all ages take to decide on a primary or secondary financial institution
- How financial institutions compare to other industries in terms of digital savvy, and why that matters
- Which types of financial institutions are outperforming the others, and which lag in surprising ways
- The most significant attributes within the four-pillar framework — behavioral, intellectual, emotional and sensorial — that coalesce into a humanized customer experience
These four drivers are an important piece of the customer experience puzzle. Keeping customers satisfied once they are customers can impact the recommendations they give and widen an organization's competitive edge when consumers are comparing options.